Whale address 0xd0A4 withdrew 18.34 million ENA valued at approximately $5.13 million from Gate, Bybit, OKX and Binance on September 27, according to Lookonchain. The move came as Ethena expanded its USDe yield reserve to real-world assets on Binance using Binance bStocks and USDT-dominated perpetuals. ENA reached $0.28 on September 26, its highest level since December 2025, before retracing to around $0.27. Trading activity fell 57% on September 27, but protocol inflows remained elevated, with $24 million recorded after $30 million the previous day. Three days of negative Spot netflow included $48 million in outflows against $46 million in inflows over 24 hours, while the netflow stood near -$1.97 million. A Stochastic Momentum Index reading of 80 and DMI readings of 43 for the positive index and 6 for the negative index indicated strong bullish momentum, with $0.30 identified as the next resistance target if sentiment remains favorable.