About 2 hours ago, three addresses transferred 18.08 million ENA to Binance, worth approximately $3.64 million
On-chain analyst Ai Yi detected that this evening, three addresses suspected to belong to the same entity redeemed 18.085 million ENA from Ethena and transferred all of it to Binance. Based on the price at the time of transfer, the tokens were worth approximately $3.64 million, at an average price of about $0.2013 (PANews/Odaily, 10-19).
Data shows that this batch of tokens was already at an unrealized loss upon arrival: ENA is currently trading at around $0.19 (10-19 JustScreener real-time data, up about 1.8% over 24 hours), roughly 6% below the average transfer price of $0.2013. 24-hour trading volume across the market is about $640 million, perpetual open interest is about $369 million, and the average funding rate is close to zero. Long and short positions are roughly balanced, suggesting the market had not positioned in advance for a one-sided move in response to this transfer.
This is ENA’s second recent “redeem and transfer to an exchange” transaction. Several weeks ago, a whale also redeemed 17.875 million tokens and transferred them to Binance, facing an unrealized loss of about $12.09 million at the time. The subsequent impact on the market was limited. ENA also faces another headwind this week: Kelp DAO’s rsETH adapter was exploited for about $280 million, prompting Ethena to temporarily pause its LayerZero bridge as a precaution. ENA has fallen about 28% since the start of October (themarketperiodical monthly data).
The $3.64 million transfer represents less than 0.6% of ENA’s 24-hour trading volume of about $640 million, so the transfer alone is not enough to alter the supply-demand balance. But if the pattern of “redeeming in batches and transferring to exchanges” by the same entity continues, expectations of selling pressure may gradually build. Whether further large redemptions follow is more worth watching than this transfer itself.
$ENA
#OnChainActivity
On-chain analyst Ai Yi detected that this evening, three addresses suspected to belong to the same entity redeemed 18.085 million ENA from Ethena and transferred all of it to Binance. Based on the price at the time of transfer, the tokens were worth approximately $3.64 million, at an average price of about $0.2013 (PANews/Odaily, 10-19).
Data shows that this batch of tokens was already at an unrealized loss upon arrival: ENA is currently trading at around $0.19 (10-19 JustScreener real-time data, up about 1.8% over 24 hours), roughly 6% below the average transfer price of $0.2013. 24-hour trading volume across the market is about $640 million, perpetual open interest is about $369 million, and the average funding rate is close to zero. Long and short positions are roughly balanced, suggesting the market had not positioned in advance for a one-sided move in response to this transfer.
This is ENA’s second recent “redeem and transfer to an exchange” transaction. Several weeks ago, a whale also redeemed 17.875 million tokens and transferred them to Binance, facing an unrealized loss of about $12.09 million at the time. The subsequent impact on the market was limited. ENA also faces another headwind this week: Kelp DAO’s rsETH adapter was exploited for about $280 million, prompting Ethena to temporarily pause its LayerZero bridge as a precaution. ENA has fallen about 28% since the start of October (themarketperiodical monthly data).
The $3.64 million transfer represents less than 0.6% of ENA’s 24-hour trading volume of about $640 million, so the transfer alone is not enough to alter the supply-demand balance. But if the pattern of “redeeming in batches and transferring to exchanges” by the same entity continues, expectations of selling pressure may gradually build. Whether further large redemptions follow is more worth watching than this transfer itself.
$ENA
#OnChainActivity