A significant ENA whale deposited 30 million ENA to Binance on Oct. 3, marking the wallet's first activity in over a year. The transfer, executed via BitGo, valued the moved tokens at $6.98 million based on current prices.
The same wallet maintains 157.55 million ENA, worth $36.74 million at current levels. The movement suggests a strategic liquidity adjustment from a major holder of Ethena's governance token.
On-chain monitoring shows broader whale repositioning around ENA. Another whale transferred 15.1 million ENA to Binance, realizing $5.61 million in profit. Two additional whales collectively deposited 60 million ENA across Binance and Bybit, concentrating supply on centralized exchanges.
Institutional participation is also evident. Galaxy Digital recharged 10 million ENA into Binance. Separately, Hack VC transferred 21.85 million ENA tokens to Wintermute, an algorithmic trading firm—a pattern often preceding increased trading activity or OTC deals.
The aggregate volume moved by these entities represents a material portion of ENA's circulating supply. Such on-chain flows can introduce selling pressure depending on holder intent.
ENA is the governance token of Ethena, which issues USDe, a synthetic dollar backed by on-chain collateral, and sENA, a staking yield product. The wallet's year-long dormancy followed by this large deposit signals a deliberate re-engagement with the market.
