On-chain monitoring shows that crypto VC firm Strobe Ventures has completely exited its ENA position, selling every last token from its early allocation.
One hour ago, it transferred its final 50 million ENA (worth approximately $7.54 million) to Coinbase. Over the past 24 hours, it transferred a total of 101.95 million ENA to Coinbase, worth approximately $15.6 million. This brings the firm’s entire 142.9 million ENA allocation to a close, with total proceeds of approximately $32.95 million and an average selling price of about $0.23.
Three points worth noting:
1. The selling was concentrated and decisive: the entire allocation was sent to exchanges in a short period, with no staggered sales or delays.
2. The average price of $0.23 offers a benchmark for the exit price of this VC allocation.
3. The completed sell-off means this source of early selling pressure has been cleared for now, removing one overhang from the market. But the firm’s decision to exit entirely at current prices is itself a signal.
After this change of hands, what happens next will still depend on the Ethena ecosystem’s ability to generate real returns and whether new buyers can absorb the available liquidity. Data source: Ember Monitoring.
$ENA #Ethena #On-chain Data
One hour ago, it transferred its final 50 million ENA (worth approximately $7.54 million) to Coinbase. Over the past 24 hours, it transferred a total of 101.95 million ENA to Coinbase, worth approximately $15.6 million. This brings the firm’s entire 142.9 million ENA allocation to a close, with total proceeds of approximately $32.95 million and an average selling price of about $0.23.
Three points worth noting:
1. The selling was concentrated and decisive: the entire allocation was sent to exchanges in a short period, with no staggered sales or delays.
2. The average price of $0.23 offers a benchmark for the exit price of this VC allocation.
3. The completed sell-off means this source of early selling pressure has been cleared for now, removing one overhang from the market. But the firm’s decision to exit entirely at current prices is itself a signal.
After this change of hands, what happens next will still depend on the Ethena ecosystem’s ability to generate real returns and whether new buyers can absorb the available liquidity. Data source: Ember Monitoring.
$ENA #Ethena #On-chain Data