Which Ethena seed investors sold
$ENA tokens after 2025/10/11?
With nothing to do during the holidays, I used Arkham + DeBank to organize the list of Ethena Foundation’s seed investors announced recently (Group i)
*Note: Group i = Investors who sold even a single token following the market cycle peak on 10 October 2025.
Based on the behavior of these addresses and their current holdings, we can also roughly gauge how large the potential future sell-off could be?
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Related explanation:
In the original list, there is a column that lists about 10 addresses at once (representing addresses 0x9269...). These addresses share similar transaction patterns and have balances that are also close. The earliest outgoing transfer goes to an address with a high degree of interaction with Arthur Hayes, while the most recent incoming transfer is to an OTC trading platform called Flowdesk.
In addition, two more should be viewed separately:
➤ 0xab2e...: subsequent outgoing transfers continue to enter addresses suspected to be linked to GSR
➤ 0x3202...: trace back to the source of the tokens, pointing to an address suspected to be linked to Galaxy Digital
The only address that Ethena specifically mentioned as having “sold
$ENA after 2025/10/11, but declined the OTC acquisition offer for this round” is the Wintermute wallet (0x6e0a...), which Arkham tags as a well-known market maker—and currently this address holds a staked version of sENA.
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● The above is not investment advice (NFA). Please act according to your own risk tolerance. DYOR and participate in the investment market cautiously
#ethena #ENA将解锁走势如何 #sena #Airdrops