ENA Whale Deposits $6.98 Million in Ethena Tokens to Binance After Year-Long Inactivity
The transaction marks a significant movement from a wallet that had remained inactive for over a year. The whale has not moved its entire position, however, and still holds 157.55 million ENA valued at $36.74 million, Lookonchain reported.
Whale Moves 30 Million ENA
Lookonchain disclosed the transaction in a post on X, identifying the wallet as an ENA whale and reporting that the 30 million ENA tokens were transferred to Binance through BitGo.
The 30 million ENA involved in the transaction were valued at $6.98 million at the time of the reported transfer. The movement follows more than a year without activity from the whale's wallet.
The transfer represents only part of the wallet's reported ENA holdings. After the deposit, the whale continued to hold 157.55 million ENA, with Lookonchain valuing that remaining balance at $36.74 million.
Binance Deposit Does Not Confirm a Sale
The movement of ENA to Binance does not by itself establish that the whale has sold the tokens. A transfer to a centralized exchange can precede a sale, but the on-chain transaction alone does not reveal what the holder ultimately does with the assets.
The use of BitGo in the transfer was also specifically identified by Lookonchain. The analytics firm did not state why the whale moved the tokens or whether the remaining ENA would also be transferred.
The latest transaction therefore provides a record of the wallet's activity rather than confirmation of a trading decision. The wallet's remaining 157.55 million ENA remains outside the reported 30 million ENA deposit.
Remaining ENA Position
Based on Lookonchain's figures, the whale's remaining ENA position is valued at $36.74 million. Combined with the $6.98 million value attributed to the transferred tokens, the transaction involved a substantial portion of the wallet's reported ENA holdings.
The key outstanding detail is what happens to the 30 million ENA after reaching Binance. Lookonchain's post identifies the deposit and the whale's remaining balance but does not report a subsequent sale or other use of the tokens.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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