ENA Custody Transfer Fails to Spark Immediate Market Panic

A significant transfer of Ethereum Name Service (ENS) tokens worth $26.4 million from Coinbase's custody wallet to a personal wallet has sparked concerns about market distribution.

However, the transaction did not immediately trigger aggressive selling in the market. Instead, it seems that traders waited for confirmation before adjusting their positions.

The transfer occurred while ENA was trading near an important resistance zone, increasing attention on whether buyers could absorb any incoming supply.

Despite the large custody transfer, exchange flow data suggests that the broader market continued to withdraw tokens instead of sending them to centralized exchanges for immediate selling.