ENA supply dynamics shifting—could this be the setup for a bounce?

Despite a brutal 30-day slide of -22.5%, ENA's managed to tick up +1.2% in the past day. Not much on the surface, but the undercurrents tell a different story.

What's happening:

• 1.59 billion ENA pulled off a major compliance-focused platform. That's a massive chunk of circulating supply no longer sitting on exchange books, cutting into immediate sell pressure.

• Over just five days, whales scooped up 774 million ENA. That kind of aggressive accumulation doesn't happen by accident.

Exchange inventories tightening while large holders pile in? Classic setup. Not saying it's guaranteed, but the pieces are lining up for something.