Additional Information: Wintermute Investor Allocation Activity
I also looked into the subsequent activity of the address that did not accept the OTC buyback offer announced by @Ethena Labs (labeled as Wintermute by Arkham).
*Note: An institutional investor that sold $ENA after the peak on 2025/10/10 and did not accept the Foundation’s OTC token buyback offer in August.
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The address (ending in 8D74) is a Wintermute multisig wallet. It currently holds 28M ENA (worth approximately $6M at current prices) + 5.7M sENA (worth approximately $1.2M at current prices, some of which has been unstaked).
The address received 31M ENA on 10/6, which appears to be this round’s one-time unlock of the investor allocation. It has since made several transactions:
➤ Some of the investor allocation transferred to Coinbase Prime
The address (ending in 8D74) transferred 2.5M ENA → an intermediary address (ending in 57E7) → Coinbase Prime (ending in 66EA).
➤ S5 airdrop claim
Today (10/9), the address (ending in 8D74) claimed 90,942 sENA through TokenManager.
Looking at its activity history, the address claims an airdrop roughly once a month, then gets ENA back by unstaking.
➤ Tokens unlocked from sENA transferred to a Coinbase hot wallet
Today, the address (ending in 8D74) transferred 174,909 ENA. The funds passed through several intermediary addresses before ultimately reaching a Coinbase hot wallet.
Based on its past activity, the address (ending in 8D74) has continued to send relatively small amounts of ENA to Coinbase.
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Summary
The most interesting point is that, for the airdropped sENA, the multisig wallet follows the prescribed steps of unstaking and unlocking to get back the original ENA tokens, and only then sends them to an exchange.
The investor allocation appears to have been distributed directly in ENA tokens. It’s worth noting that transferring tokens to Coinbase Prime does not necessarily mean they are being sold; the address may also be using Coinbase Prime’s custody services. What happens next, however, remains unknown.
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● The information above does not constitute investment advice. Readers should conduct their own independent research and make decisions based on their investment objectives and risk tolerance. Please participate in the investment market with caution.
● Image source: Arkham
#ethena #Wintermute #ENA将解锁走势如何
I also looked into the subsequent activity of the address that did not accept the OTC buyback offer announced by @Ethena Labs (labeled as Wintermute by Arkham).
*Note: An institutional investor that sold $ENA after the peak on 2025/10/10 and did not accept the Foundation’s OTC token buyback offer in August.
-
The address (ending in 8D74) is a Wintermute multisig wallet. It currently holds 28M ENA (worth approximately $6M at current prices) + 5.7M sENA (worth approximately $1.2M at current prices, some of which has been unstaked).
The address received 31M ENA on 10/6, which appears to be this round’s one-time unlock of the investor allocation. It has since made several transactions:
➤ Some of the investor allocation transferred to Coinbase Prime
The address (ending in 8D74) transferred 2.5M ENA → an intermediary address (ending in 57E7) → Coinbase Prime (ending in 66EA).
➤ S5 airdrop claim
Today (10/9), the address (ending in 8D74) claimed 90,942 sENA through TokenManager.
Looking at its activity history, the address claims an airdrop roughly once a month, then gets ENA back by unstaking.
➤ Tokens unlocked from sENA transferred to a Coinbase hot wallet
Today, the address (ending in 8D74) transferred 174,909 ENA. The funds passed through several intermediary addresses before ultimately reaching a Coinbase hot wallet.
Based on its past activity, the address (ending in 8D74) has continued to send relatively small amounts of ENA to Coinbase.
-
Summary
The most interesting point is that, for the airdropped sENA, the multisig wallet follows the prescribed steps of unstaking and unlocking to get back the original ENA tokens, and only then sends them to an exchange.
The investor allocation appears to have been distributed directly in ENA tokens. It’s worth noting that transferring tokens to Coinbase Prime does not necessarily mean they are being sold; the address may also be using Coinbase Prime’s custody services. What happens next, however, remains unknown.
-
● The information above does not constitute investment advice. Readers should conduct their own independent research and make decisions based on their investment objectives and risk tolerance. Please participate in the investment market with caution.
● Image source: Arkham
#ethena #Wintermute #ENA将解锁走势如何