Anchorage Digital Withdraws $3.96M in $ENA from Binance

In a notable development within the crypto sector, Anchorage Digital has seen a huge withdrawal. As per Spot On Chain, the digital asset custodian Anchorage Digital redeemed $3.96M in $ENA tokens from Binance. The analytics provider revealed this development on its official X account.

Anchorage Digital Redeems 10.7M $ENA from Binance

Spot On Chain pointed out that Anchorage Digital’s withdrawal of $3.96M in $ENA coins from Binance denotes a major development for the platform. The transfer reportedly took place nearly 8 hours back, with Anchorage Digital leveraging a unique wallet address for this purpose. The withdrawal denotes the biggest transaction of Anchorage Digital involving $ENA up till now. Hence, the move represents the token’s growing importance in the firm’s portfolio.

The platform, famous for offering secure custody solutions for digital assets, has recently been making noteworthy crypto investments. Nonetheless, the move to accumulate the $ENA tokens at such a large scale specifically gains huge attention across the market. As a result of this, $ENA has taken a prominent position among the top-held assets in Anchorage.

Despite $ENA’s 43% Decline, Anchorage Digital’s Investment Mirrors Its Trust in the Token

Since $ENA’s launch back in April this year, it has been going under pressure. In this respect, the token has experienced a 43% decline. This dip has raised concerns about the long-term viability of $ENA and its recovery potential. Irrespective of these challenges, the enormous investment from Anchorage Digital may mirror its belief in the future growth of the token.