5 Ethena Investors Send 40.2M ENA ($29.8M) Go Binance & Bybit
Five Ethena investors dem shiftin togeda 40.217 million ENA tokens go Binance and Bybit for di past 12 hours. Di full value of dis ENA transfer reach $29.8 million, show say beta amount tokens dey enter di exchang dem. Strobe Ventures lead di pack wit 7 million ENA we dem deposit for Binance, den sell 5.087 million ENA for USDC at $0.726 per token. Amber Group shift 6.39 million ENA tokens go Binance. Di whale address dem 0xAb4…18A, 0x6e6…922, and 0x969…aF5 transfer 6.145 million, 15 million, and 5.682 million ENA respectively to Bybit. Dis big move for ENA token fit cause more sell pressure and increase liquidity, wey fit affect short-term crypto trade and market stability.
Bearish
Di big big transfer wey be 40.217 million ENA tokens wey institutional address dem send go big big exchange dem mean say dem dey expect say people go sell plenty. History don show say anytime big big tokens dey enter exchange, e means say price fit fall because big people and institution dem dey find way sell their tokens. Strobe Ventures sell pass 5 million ENA for $0.726 mean say dem wan collect profit, e fit make other holders start to sell too. For short time, this level of ENA liquidity for Binance and Bybit fit make trading volume increase but e go put price down. For long term, if no new demand or better protocol development, this kain high exchange balances fit still make market sentiment dey negative.