Whale Deposits 17 Million ENA Tokens to Major Exchanges – Coincu

On June 5th, a large whale transferred 17 million ENA tokens, valued at $5.41 million, to Binance, Bybit, and Gate.

The transaction may signal trading or profit-taking strategies as exchanges show increased trading volumes and minor price rebounds.

ENA Whale Activity Raises Potential Trading Signals

A whale address recently moved over 17 million ENA tokens, amounting to $5.41 million, to major exchanges Binance, Bybit, and Gate. The entity used a Gnosis Safe, indicative of institutional or high-net-worth involvement, according to on-chain monitoring platforms.

This deposit implies potential trading moves, liquidity adjustments, or profit realization strategies. Increasing spot trading volumes highlight the market’s response, although there’s no link to institutional onboarding or a foundation-driven move seen in data from Ethena Labs.

No major statements were issued by Ethena Labs’ leadership, exchanges, or financial regulators concerning this movement. The crypto community is largely focused on trading volumes and temporary price rebounds rather than deeper protocol or security issues.

Past Whale Moves Trigger Regulatory Interest and Price Volatility

Did you know? Past large-scale whale transfers in May 2025 negatively affected ENA prices, leading to market pressure but generating speculative interest without significant official commentary.

According to CoinMarketCap data, ENA’s price stands at $0.32, reflecting a 7.98% decline over 24 hours. The market cap is approximately 1.93 billion, with a notable 1.14% change in trading volume, suggesting active market interest.

The Coincu research team suggests the whale transactions could spur further regulatory scrutiny or shift trading dynamics, primarily if similar large-scale token movements persist. Historically, these events have been linked to heightened volatility and speculative trading activity.