On-chain data once again shows institutions exiting in concentrated fashion. According to Ember monitoring, crypto VC Strobe Ventures has completely sold off its holdings of Ethena tokens $ENA .
The pace of selling is clear: the final tranche of 50 million tokens (about $7.54 million) was transferred to Coinbase just an hour ago. A total of 101.95 million tokens, worth approximately $15.6 million, were transferred in over a single day. The entire allocation of 142.9 million ENA it received has now been sold, realizing about $32.95 million in total, at an average sale price of about $0.23.
Three points to consider rationally:
1. Early institutional investors had a very low cost basis, so even at an average price of $0.23, they still made substantial returns. Selling out is more likely a matter of position management and an exit at maturity, and does not necessarily indicate a bearish view of the project's fundamentals.
2. Moving tokens into exchanges quickly and in large amounts, rather than negotiating OTC sales in batches, suggests this exit was carried out decisively. The short-term selling pressure on the market is real.
3. For ordinary users, large transfers of tokens to exchanges by whales are an on-chain signal worth watching. When you spot unusual activity, assess the volatility risk first—don't rush to catch a falling knife.
As this institutional supply hits the market, pressure from circulating supply is gradually easing. Whether the valuation can stabilize going forward will depend on the data supporting the Ethena ecosystem itself. Do you think the VC exit means the bad news is fully priced in?
#ENA #Ethena #On-chain data
The pace of selling is clear: the final tranche of 50 million tokens (about $7.54 million) was transferred to Coinbase just an hour ago. A total of 101.95 million tokens, worth approximately $15.6 million, were transferred in over a single day. The entire allocation of 142.9 million ENA it received has now been sold, realizing about $32.95 million in total, at an average sale price of about $0.23.
Three points to consider rationally:
1. Early institutional investors had a very low cost basis, so even at an average price of $0.23, they still made substantial returns. Selling out is more likely a matter of position management and an exit at maturity, and does not necessarily indicate a bearish view of the project's fundamentals.
2. Moving tokens into exchanges quickly and in large amounts, rather than negotiating OTC sales in batches, suggests this exit was carried out decisively. The short-term selling pressure on the market is real.
3. For ordinary users, large transfers of tokens to exchanges by whales are an on-chain signal worth watching. When you spot unusual activity, assess the volatility risk first—don't rush to catch a falling knife.
As this institutional supply hits the market, pressure from circulating supply is gradually easing. Whether the valuation can stabilize going forward will depend on the data supporting the Ethena ecosystem itself. Do you think the VC exit means the bad news is fully priced in?
#ENA #Ethena #On-chain data