According to @EmberCN, Aave founder Stani Kulechov transferred 4,000,000 ENA (about $2.38M) roughly six hours before the post to a Galaxy Digital institutional platform address, with the on-chain reference provided via Arkham Intelligence at intel.arkm.com/explorer/address/0xe705b1D26B85c9F9f91A3690079D336295F14F08, source: @EmberCN; Arkham Intelligence. @EmberCN states that Kulechov is an Ethena investor and that these ENA tokens originated from his Ethena vesting wallet unlock, source: @EmberCN. The post characterizes the move as a possible sale rather than a confirmed execution, so the only verified fact is the transfer to a Galaxy Digital–associated address as cited, source: @EmberCN; Arkham Intelligence.

According to @EmberCN, the address 0x8e771f7bAb34a3b4491e03F22f005483E5c375f5, described as a possible @stablecoin_x ENA treasury multisig, received another 16.4M ENA (~$10M) withdrawn from Binance, with the transaction visible on Arkham Intelligence intel.arkm.com/explorer/address/0x8e771f7bAb34a3b4491e03F22f005483E5c375f5. According to @EmberCN and Arkham Intelligence, since Sept 16 this address has sent out a total of 110M USDT and has received 104.6M ENA (~$63.75M) from Binance, as shown on the same Arkham address page. According to Arkham Intelligence, these on-chain flows reflect large ENA inbound transfers to this wallet alongside large USDT outbound transfers at the cited address.

According to @ai_9684xtpa, a wallet suspected to be linked to ENA’s treasury entity @stablecoin_x accumulated 19.23M ENA in the past 15 hours at an indicated purchase price around $0.614, totaling roughly $11.8M, source: @ai_9684xtpa. The ENA multisig addresses now hold a combined 88.26M ENA valued about $54M based on the reported figures, source: @ai_9684xtpa; on-chain reference: https://intel.arkm.com/explorer/address/0x9c7B3C57632aB8BED71a4dDbC950d8C009DFe7aA and https://intel.arkm.com/explorer/address/0x8e771f7bAb34a3b4491e03F22f005483E5c375f5, source: Arkham Intelligence. Traders can monitor inflows and outflows from the above multisig addresses to track whether accumulation persists or pauses, providing a real-time gauge of ENA market liquidity, source: Arkham Intelligence. The reported acquisition level near $0.614 offers a concrete on-chain reference point for price discovery and order-book benchmarking in ENA spot and perp markets, source: @ai_9684xtpa.

According to @EmberCN, an on-chain address has been accumulating ENA since Sep 16 and withdrew a total of 73.56 million ENA worth about USD 43.88 million from exchanges over the past week, source: x.com/EmberCN/status/1970298590246654159. According to @EmberCN, the address is identified as likely belonging to the ENA treasury company @stablecoin_x, source: x.com/EmberCN/status/1970298590246654159. According to @EmberCN, transaction counterparties include Maven 11 and Dragonfly, described as investors in the ENA treasury company, source: x.com/EmberCN/status/1970298590246654159. According to the source, traders can review and monitor the address 0x8e771f7bAb34a3b4491e03F22f005483E5c375f5 on Arkham Intelligence for ongoing flows relevant to ENA order book liquidity, source: intel.arkm.com/explorer/address/0x8e771f7bAb34a3b4491e03F22f005483E5c375f5.

According to @EmberCN, an address attributed to Arca received 7.212 million IMX worth about $6.16 million and 6.771 million ENA worth about $4.54 million roughly 6 hours ago, with the wallet shown at intel.arkm.com/explorer/address/0xaA3D56e9695F75eEcd6E3E78546154b727147b8a (source: @EmberCN on X; Arkham Intel). Arkham Intel traces the incoming transfers to senders labeled Flowdesk and Binance, indicating exchange outflows to a non-exchange wallet for both tokens at the recorded time (source: Arkham Intel at intel.arkm.com/explorer/address/0xaA3D56e9695F75eEcd6E3E78546154b727147b8a). The post is labeled as sponsored by Bitget, as stated in the original disclosure (source: @EmberCN on X). Traders can monitor this wallet on Arkham Intel to see if IMX or ENA move to exchange-tagged addresses, which would make those tokens immediately available for trading on those venues (source: Arkham Intel at intel.arkm.com/explorer/address/0xaA3D56e9695F75eEcd6E3E78546154b727147b8a).

According to @OnchainLens, a whale deposited 15.1M ENA valued at about $10.09M to Binance after a 3-month hold, realizing a profit of $5.63M, source: @OnchainLens. According to @OnchainLens, the wallet initially received 15.147M ENA for $4.5M and had sold 47,169 ENA for $21,153 USDC prior to the deposit, source: @OnchainLens. According to @OnchainLens, these figures imply roughly a 125% ROI and an indicative valuation near $0.669 per ENA at the time of the deposit valuation, source: @OnchainLens. According to @OnchainLens, the reported address is 0x5119941df07190f196f928f5087acf3dd9ed41e1, source: @OnchainLens.

According to @EmberCN, a whale deposited 15.1 million ENA into Binance about one hour ago, valued at approximately $10.09 million and showing an estimated profit of $5.61 million (+125%) based on prior entries (source: @EmberCN). According to @EmberCN, the ENA tranche was accumulated on-chain three months ago after withdrawals from Bybit at a reported cost of about $4.48 million at roughly $0.29 per ENA, with the address shared via Arkham: https://intel.arkm.com/explorer/address/0x5119941dF07190F196F928f5087acF3dD9eD41E1 (source: @EmberCN, Arkham). Based on the values reported by @EmberCN, the current valuation implies an average ENA price near $0.67 for the transferred amount (source: @EmberCN).

According to @EmberCN, ENA is seeing intense turnover, with a wallet likely tied to Maven 11 withdrawing 4.03M ENA ($2.76M) from Binance about 1 hour ago and accumulating 30.08M ENA ($20.63M) over the past two days, source: Arkham Intelligence address 0x9c7B3C57632aB8BED71a4dDbC950d8C009DFe7aA https://intel.arkm.com/explorer/address/0x9c7B3C57632aB8BED71a4dDbC950d8C009DFe7aA as cited by @EmberCN. According to @EmberCN, an ENA investor wallet possibly linked to YZi Labs deposited 5M ENA ($3.4M) to Binance about 1 hour ago and has sent a total of 54M ENA ($37.8M) to Binance over the past three weeks, source: Arkham Intelligence address 0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6 https://intel.arkm.com/explorer/address/0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6 as cited by @EmberCN. According to @EmberCN, the post was sponsored by Bitget, source: @EmberCN.

According to @OnchainDataNerd, ParaFi Capital deposited 4.08M ENA (~$2.88M) and Flowdesk deposited 5.03M ENA (~$3.51M) to Binance, totaling 9.11M ENA (~$6.39M) in exchange inflows; with whale address 0x9c7 accumulating 6.72M ENA (~$4.75M) from Binance, the net Binance flow is +2.39M ENA (~$1.64M), source: @OnchainDataNerd. A fresh wallet also accumulated 6.015M ENA (~$4.3M) via Amber, bringing total reported accumulation by the two buyers to 12.735M ENA (~$9.05M), a flow profile traders track for liquidity and price impact on ENA pairs, source: @OnchainDataNerd.

According to @AggrNews, Ethena Foundation has proposed a fee switch after meeting previously set requirements, as noted in a governance proposal update dated Sep 15, 2025, source: @AggrNews on X, Sep 15, 2025. The source does not provide parameters, distribution details, or an activation timeline, indicating no confirmed immediate implementation in the post, source: @AggrNews on X, Sep 15, 2025.

According to @ai_9684xtpa, Ethena moved 3.125 million ENA to a Binance deposit address roughly 20 minutes prior, worth about $2.27 million, with the purpose unspecified; source: @ai_9684xtpa on X and the referenced Arkham address 0x54B8c65f0635fD91C8729Dd3269C630d9AED54e5 (intel.arkm.com/explorer/address/0x54B8c65f0635fD91C8729Dd3269C630d9AED54e5). According to @ai_9684xtpa, the same address last sent tokens to an exchange one month ago, during which ENA appreciated 17.5%; source: @ai_9684xtpa on X.

According to @OnchainLens, a wallet labeled thefourthturning.eth purchased 3,000,000 ENA for 2.3 million USDC at an average price of about $0.766 per ENA on Sep 12, 2025, based on Nansen on-chain data. According to @OnchainLens citing Nansen, the buyer address is 0xaf297dec752c909092a117a932a8ca4aaaff9795. According to @OnchainLens and the referenced Nansen dataset, this represents whale accumulation of ENA on-chain.

According to @EmberCN, an Ethena project or investor address sent 5,000,000 ENA (about $3.81 million) to Binance roughly 30 minutes ago, source: @EmberCN on X (Sep 12, 2025). The same address has deposited a cumulative 44,000,000 ENA (about $30.56 million) to Binance over the last two weeks at an average transfer price of $0.69, source: @EmberCN on X. The address originally received 375,000,000 ENA from an Ethena multisig in July last year, equal to 2.5% of ENA’s total supply, source: @EmberCN on X. The wallet is 0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6, as shown on ARKM Intel, source: ARKM Intel Address Explorer. The 44,000,000 ENA sent to Binance equals about 11.7% of the wallet’s 375,000,000 ENA allocation, derived from @EmberCN and ARKM Intel.

According to Onchain Lens (@OnchainLens), the Ethena (ENA) wallet labeled 0x877 deposited 5,000,000 ENA worth approximately $3.81 million into Binance (source: Onchain Lens on X, Sep 12, 2025). According to Onchain Lens (@OnchainLens), cumulative deposits from this wallet reached 44,000,000 ENA over the past two weeks, valued at about $30.55 million, with the sender address identified as 0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6 (source: Onchain Lens on X, Sep 12, 2025). According to Onchain Lens (@OnchainLens), these on-chain inflows specifically target Binance and are relevant for traders monitoring ENA exchange-side liquidity and potential supply concentration (source: Onchain Lens on X, Sep 12, 2025).

According to @ai_9684xtpa, a new wallet 0x43d0baD1F61EE259D3a176Eb9170C1Bc28B1B4f2 withdrew 11.03 million ENA from Coinbase about 9 hours before the post, valued at approximately USD 8.36 million at an indicated per-token price of 0.7578 USD. Source: X post by @ai_9684xtpa on Sep 12, 2025: twitter.com/ai_9684xtpa/status/1966331837175017585. The wallet can be monitored for subsequent on-chain activity via the Arkham Intel page provided in the post: intel.arkm.com/explorer/address/0x43d0baD1F61EE259D3a176Eb9170C1Bc28B1B4f2. Source: Arkham Intel link shared in the same post by @ai_9684xtpa. The post also discloses sponsorship by Gate (Gate.io). Source: X post by @ai_9684xtpa on Sep 12, 2025: twitter.com/ai_9684xtpa/status/1966331837175017585.

According to @OnchainDataNerd, Arthur Hayes withdrew 579,000 ENA (about $473,000) from Binance roughly 11 hours before the post, and the tracked wallet now holds 5.024 million ENA (about $3.96 million), source: x.com/OnchainDataNerd/status/1965958306331275574. The wallet address and holdings can be verified via Arkham Intelligence at intel.arkm.com/explorer/address/0x6cd66DbdFe289ab83d7311B668ADA83A12447e21, source: intel.arkm.com/explorer/address/0x6cd66DbdFe289ab83d7311B668ADA83A12447e21.

According to @EmberCN, 246 million ENA (about $196 million) were transferred in the past 8 hours from an Ethena custody wallet to Coinbase Prime, with the source wallet listed as 0xcfc40d4ECa21F60D329F1E6b9B3D6069EaA20BBC and transactions visible on Arkham Intelligence (source: @EmberCN; Arkham Intelligence). According to @EmberCN, the post did not provide a stated purpose for the transfer, leaving only the confirmed size, timing, and destination venue for traders to assess (source: @EmberCN). According to Coinbase Institutional materials, Coinbase Prime is an institutional trading and custody platform that supports prime brokerage and OTC settlement, indicating the ENA have been positioned on an institutional venue rather than a self-custody address (source: Coinbase Institutional).

According to @OnchainLens, Arthur Hayes purchased 578,956 ENA valued at USD 467.7K from Binance (source: Onchain Lens; data: Nansen). His on-chain ENA holdings now total 5.02M valued at USD 3.91M at address 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21 (source: Onchain Lens; data: Nansen). The transaction update was reported on Sep 11, 2025 (source: Onchain Lens).

According to @ai_9684xtpa, the address 0x877b...4bba6 that received 375M ENA from the Ethena team a year ago deposited another 5M ENA worth about $4.1M to an exchange within the last two days, source: @ai_9684xtpa on X; Arkham Intelligence address page https://intel.arkm.com/explorer/address/0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6. According to @ai_9684xtpa, since Aug 29 the same wallet has cumulatively deposited 39M ENA to Binance, valued at about $26.74M, with a referenced average deposit price of $0.6857 and transaction range from $0.64 to $0.82, source: @ai_9684xtpa on X; Arkham Intelligence address page https://intel.arkm.com/explorer/address/0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6.

According to @OnchainLens, whale address 0x373704e394ef150241aee836115d78aba3fc5c76 bought 9.08M ENA for $6.68M in September at an average price of $0.735 by selling PEPE and PENDLE (source: @OnchainLens; data: Nansen). The wallet now holds 21.82M ENA valued at $17.53M, with a larger ENA position than PEPE in its portfolio (source: @OnchainLens; data: Nansen).