Ethena Whale move 5M ENA go Binance, dey signal sell pressure
Ethena whale activity dey speed up as two big ENA deposits land for Binance. Wallet 0x877 transfer 5M ENA (~$3.81M) just 14 minutes ago, and address 0x325…55E50 move another 5M ENA (~$2.84M) about five hours ago. The latter receive 22.28M ENA from Ethena’s multisig six days ago and split dem tokens into two deposits, show say dem fit get plans to sell. For the past two weeks, these whales don send over 44M ENA (~$30.5M) to Binance.
Traders suppose dey monitor ENA deposit flows on Binance well well. Big whale deposits plenty times go before market wahala and fit show short-term bearish pressure on ENA. This steady token flow to main exchanges dey raise questions about upcoming liquidity events and long-term distribution patterns.
Bearish
Di repeated big ENA deposits by whale addresses for Binance dey show say dem fit get mind to sell, and as e be before, e dey usually come before price go down. Over 44M ENA don waka go the exchange inside two weeks and one address split recent 22.28M ENA allocation, this steady token movement dey increase chance say ENA price fit drop short-term. But long-term, the impact dey neutral because market go depend whether dem go sell the tokens or carry am back. Traders suppose dey look out for sell orders for exchange and how ENA liquidity dey change to know how market go hold later.