Addresses Related to Ethena Project Continue to Transfer ENA to Exchanges Just 2 Hours Ago, Totaling 150 Million ENA Transferred to Binance and Bybit in 5 Days
On July 26th, according to on-chain data shared by analyst Yu Jin, an address associated with the Ethena project transferred ENA tokens to centralized exchanges (CEX) just 2 hours ago. This move came after Ethena announced plans to establish an ENA reserve fund for StablecoinX on July 21st.
Within 5 days after that announcement, a total of 150 million ENA, equivalent to approximately $77.35 million, was transferred to Binance and Bybit. This has raised concerns in the community about potential increased selling pressure, especially given the consecutive transactions in a short time and with large quantities.
Tracking addresses related to the project suggests that Ethena may be preparing for liquidation or adjusting its token distribution strategy to serve the development goals of the StablecoinX ecosystem. However, as of now, the project has not issued an official statement about these token transfer activities.
Also Read: Ethena Collaborates with Anchorage to Launch First GENIUS Compliant Stablecoin in the US
