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 Onchain Lens, the Ethna wallet 0x877 deposited 5 million ENA valued at USD 3.81 million into Binance, source: Onchain Lens, X post dated Sep 8, 2025. According to Onchain Lens, the same address deposited a cumulative 34 million ENA valued at USD 22.65 million into Binance over the past two weeks, source: Onchain Lens, X post dated Sep 8, 2025. According to Onchain Lens, the address referenced is 0x877b3D5c681C8890d19dbF450306Caa3C3D4bba6, source: Onchain Lens, X post dated Sep 8, 2025.

According to @EmberCN, about 15 million ENA worth roughly $9.64 million were transferred to Binance around 20 minutes ago by a wallet the source flags as possibly linked to Ethena. According to @EmberCN, the same wallet received 375 million ENA from Ethena’s multisig in July last year, valued near $166 million at the time. According to @EmberCN, today’s transfer is the wallet’s first outgoing transaction since receiving those tokens. According to @EmberCN, the wallet still holds about 360 million ENA valued around $230 million.

According to @EmberCN, five Ethena institutional investor addresses transferred a total of 40,217,000 ENA (about $29.8 million) to exchanges since last night (source: @EmberCN). Per @EmberCN, Strobe Ventures sent 7,000,000 ENA to Binance 12 hours before the post and withdrew 5,087,000 USDC 4 hours later, with a sale price of $0.726 (source: @EmberCN). Per @EmberCN, Amber Group deposited 6,390,000 ENA (about $4.84 million) to Binance 4 hours before the post (source: @EmberCN).

According to @adriannewman21, investing in the ENA treasury shell token is currently attractive for short-term gains, primarily due to its unique association with stablecoins, which provides a differentiating narrative in the crypto space. However, the source warns that in the mid to long term, these treasury shell structures may negatively impact the market, especially if callable bonds (CBs) are exercised during a bear market. Traders should monitor ENA price action closely and consider the inherent risks in treasury shell tokens, particularly in volatile market conditions. Source: @adriannewman21

According to Ai 姨 (@ai_9684xtpa), a wallet suspected to belong to Mirana Ventures withdrew 68.14 million ENA tokens from Ethena and subsequently deposited 72.17 million ENA (worth $21.44 million) to Binance three hours ago. Following this deposit, the ENA token price dropped sharply by 8% from $0.31 to $0.285, now trading at $0.29. Rootdata confirms that Mirana Ventures participated in Ethena's seed round. This large deposit and subsequent price movement indicate significant sell-side pressure, which is a critical signal for short-term traders and those monitoring institutional movements in the ENA ecosystem. (Source: @ai_9684xtpa on Twitter, Rootdata)