On October 5 on the calendar, ENA had a “permanent unlock.” At the same time, on-chain activity reportedly showed a team wallet allegedly withdrawing more than $68 million worth of ENA from a trading platform, while another thread claimed that a dormant whale inactive for a year had transferred about 30 million ENA into the trading platform.
The two on-chain accounts point in opposite directions, and both are still framed as “alleged” and “according to public discussion,” so they cannot be taken as conclusions.
The unlock terms also leave a gate: even if the tokens are unlocked, selling still requires approval from the Ethena Foundation. October 5 looks more like an observation point for whether the permission is granted, rather than an automatic sell-off day.
The market is also waiting. In public discussions, the long/short ratio for ENA is often cited as being about 60% long. Yet the funding rate is close to zero, even turning negative, while open interest repeatedly rises and falls. Many participants are present, but they’re unwilling to pay a premium—more like a wait-and-see attitude before the event.
The key takeaway: what the market is debating is whether the unlocked tokens will truly enter the market, and whether withdrawals are an early move of inventory—not whether the fundamentals suddenly changed.
If the Foundation doesn’t approve the sale, will the “unlock sell pressure” narrative turn into a bearish trap? Or was the real signal given at the moment of the withdrawals?
The two on-chain accounts point in opposite directions, and both are still framed as “alleged” and “according to public discussion,” so they cannot be taken as conclusions.
The unlock terms also leave a gate: even if the tokens are unlocked, selling still requires approval from the Ethena Foundation. October 5 looks more like an observation point for whether the permission is granted, rather than an automatic sell-off day.
The market is also waiting. In public discussions, the long/short ratio for ENA is often cited as being about 60% long. Yet the funding rate is close to zero, even turning negative, while open interest repeatedly rises and falls. Many participants are present, but they’re unwilling to pay a premium—more like a wait-and-see attitude before the event.
The key takeaway: what the market is debating is whether the unlocked tokens will truly enter the market, and whether withdrawals are an early move of inventory—not whether the fundamentals suddenly changed.
If the Foundation doesn’t approve the sale, will the “unlock sell pressure” narrative turn into a bearish trap? Or was the real signal given at the moment of the withdrawals?