Ethena Transferred $33.7M in ENA to 33 Addresses

Key Points

• Ethena’s recent transfers are likely part of this week’s ENA token unlock.
• On-chain data shows that over $21 million in ENA were sold via DEXs or sent to Binance.

According to on-chain reports, in the past 24 hours, Ethena transferred millions of dollars in ENA to 33 addresses, likely part of the ENA token unlocks.

Ethena Transferred Over 94 Million ENA to 33 Addresses

Spot on Chain noted earlier today, that Ethena Labs multi-sig transferred 94.16 million ENA, worth around $33.7 million at the time of the post.

The amount was sent to 33 addresses, and it’s probably part of the ENA token unlock that was scheduled for today.

More than 2,06 million ENA tokens worth over $1 million at current prices are unlocked today as part of the top token unlocks we mentioned for the week.

Spot on Chain continued and revealed that so far, 59.3 million ENA tokens worth $21.08 million at the time of the post have been sold on decentralized exchanges or sent to Binance at an average price of $0.355.

ENA token recipients include the following:

• OKX Ventures – received 17.87 million ENA
• Curve’s founder, Michael Egorov – received 2.8 million ENA

Spot on Chain noted that both have deposited all their ENA tokens to Binance.

Now the multi-sig Ethena wallet still holds 1.22 billion ENA worth over $433 million at the time of the post and it could continue distributing more tokens soon.

ENA Price Trajectory Today

At the moment of writing this article, ENA is trading above $0.388, up by under 1% for the day.

ENA recorded high volatility in the past 24 hours due to buying/selling pressure triggered by the token unlock event today.

The coin surged from $0.34 levels to over $0.41 earlier today, reaching a market cap of over $1.32 billion before cooling off at current levels of around $1.25 billion market cap.

About half an hour ago, ENA’s price dropped by around 6%.

Ethena is a synthetic dollar protocol built on Ethereum.