140 million Ethena (ENA) tokens were withdrawn from exchanges between August 17 and August 21, 2025, reducing the exchange supply from 1.3 billion to 1.16 billion ENA. Despite the significant withdrawal, ENA's price fell from above $0.80 to around $0.64, suggesting weak demand or increased off-exchange trading. Currently, ENA is trading at $0.65, marking a slight 0.55% increase in the past 24 hours but a weekly decline of over 10%. A trader identified as 0x2611 incurred $1.85 million in losses on a long ENA position, injecting 1.7 million USDC to prevent liquidation. Technical analysis indicates a potential support zone around the 200-day EMA at $0.62 and the 0.382 Fibonacci retracement at $0.61. Ethena Labs reported over $500 million in total revenue for its USDe protocol, with a record USDe supply of $11.7 billion. Long-term projections suggest a possible downside to $0.50, with potential for a rebound to $1.10.