Ethena Price Drops 7-9% on Whale Transfer and Token Unlocks

Ethena (ENA) experienced a sudden price drop of 7-9% over 24-25 hours due to a large whale transfer and upcoming token unlocks.

The significant catalyst was the transfer of 290 million ENA (~$26.4 million) from an Ethena-linked Coinbase custody wallet to a wallet known for selling on exchanges, which raised concerns about future selling pressure.

The combination of regular large unlocks and the whale transfer created a narrative of increased supply risk, contributing to the price drop.