Dormant ENA Whale Sells $9.25 Million After More Than a Year
A long-dormant ENA whale has sold 37.725 million Ethena tokens through BitGo, marking a major move by a wallet that had remained inactive for more than a year. The transaction was worth about $9.25 million based on current market prices.
On-chain monitoring identified the wallet as address 0xa554. The sale occurred roughly 12 hours before the latest update, according to Lookonchain. The wallet still controls 119.82 million ENA, worth approximately $29.6 million.
The sale comes as ENA trades near $0.25 and remains an actively traded asset. CoinDesk data shows Ethena with a market capitalization of about $3.37 billion and 24-hour trading volume above $323 million.
Whale activity draws market attention
The transaction represents roughly 24% of the wallet’s remaining ENA holdings before the sale. However, the holder has not exited the position entirely and retains a substantial stake.
Such large wallet movements can influence short-term sentiment because traders often monitor dormant addresses for signs of renewed selling pressure. The transfer also stands out because the wallet had reportedly remained inactive for more than 12 months.
Still, the transaction alone does not establish the whale’s broader investment strategy. The remaining balance suggests the holder continues to maintain significant exposure to ENA.
ENA faces renewed selling pressure
The whale’s move comes after several developments that have strengthened the broader investment case for Ethena. CoinDesk reported in August that Ethena introduced changes designed to reduce investor selling pressure and connect ENA more closely with protocol revenue.
The protocol has also attracted growing attention from traditional financial institutions. CoinDesk reported in June that BlackRock integrated Ethena’s yield-generating token into its risk management platform and established a $100 million liquidity facility.
For ENA holders, the latest whale sale adds another factor to watch. Future transfers from the same address could provide further clues about whether the holder plans to reduce its position or continue maintaining a large ENA allocation.
