Ethena Wallets Unleash Torrent of ENA Tokens on Exchanges

The Ethena project has seen significant movement of its ENA tokens in recent days. Two dormant wallets, which had not transferred any tokens for two years after receiving their initial allocation from the Ethena multisig, have been actively moving funds to exchanges.

Over the past 15 hours alone, these wallets have transferred an additional $3.29 million worth of ENA tokens to Bybit, bringing the cumulative exchange deposits to $6.75 million since September 3. This movement mirrors earlier activity that saw one wallet realize a 65% loss from its 2024 peak valuation.

Price action on the 4-hour chart suggests a bullish structure for ENA, with the token trading above both the EMA50 and EMA200 levels at $0.16 and $0.13 respectively. The MACD has also registered a golden cross at zero, indicating potential further upside.