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Recently, there is something interesting on-chain—Ethena has started to move ENA out from various platforms.
First, there was a new address "0xa19" that directly received 105.35 million ENA from Coinbase Prime, which is approximately 28.7 million dollars at the current price. Soon after, another wallet "0x631" was also busy, withdrawing 20 million from a certain exchange, worth 5.45 million dollars.
What's even more exaggerated is that this "0x631" currently holds 305.15 million ENA, with a total value skyrocketing to 88.67 million USD. Is this move by the project team adjusting their positions, or is it large holders laying out their strategies? In any case, the on-chain data is right there, and how the market moves after such a large transfer is worth keeping an eye on.