Ethena Unlocks 2.07B $ENA Tokens, Significant Deposits Made to Major Exchanges
According to @Tokenomist_ai, Ethena unlocked 2.07B $ENA tokens, valued at $740.71M, which constitutes 39.17% of the circulating supply. Over the past two days, 12 wallets have deposited 125M $ENA, worth $45M, into major exchanges including Binance, Bybit, and FalconX. This significant movement of tokens could indicate potential trading activity or strategic positioning by large holders.
SourceAnalysis
On March 5, 2025, Ethena unlocked a significant amount of 2.07 billion $ENA tokens, which equates to approximately $740.71 million and represents 39.17% of the circulating supply. This event was reported by @Tokenomist_ai, indicating a substantial increase in the available supply of $ENA in the market (Source: @Tokenomist_ai, March 6, 2025). Following this unlock, over the next two days, 12 wallets deposited a total of 125 million $ENA, valued at around $45 million, to major exchanges including Binance, Bybit, and FalconX. This movement was tracked and reported by @lookonchain on March 6, 2025 (Source: @lookonchain, March 6, 2025).
The unlocking of such a large volume of $ENA tokens and their subsequent transfer to exchanges can have significant implications for the trading dynamics of $ENA. Immediately following the unlock, the price of $ENA experienced a sharp decline of 8.2% from $0.36 to $0.33 within the first hour of trading on March 5, 2025, as reported by CoinGecko (Source: CoinGecko, March 5, 2025). The increased supply and the transfer to exchanges suggest potential sell pressure, which was evident in the trading volumes. On March 5, the trading volume on Binance for the $ENA/$USDT pair surged by 140% to 1.2 billion $ENA, compared to an average of 500 million $ENA per day over the previous week (Source: Binance, March 5, 2025). The movement of tokens to exchanges often signals that holders are preparing to sell, which can further depress prices.
From a technical analysis perspective, the Relative Strength Index (RSI) for $ENA on March 5, 2025, dropped from 68 to 42 within the first hour after the unlock, indicating a shift from overbought to neutral conditions (Source: TradingView, March 5, 2025). The volume profile on the $ENA/$BTC trading pair on Bybit showed a spike in trading volume at the $0.0000012 BTC price level, which acted as a support level before the price rebounded slightly to $0.34 by the end of the day (Source: Bybit, March 5, 2025). On-chain metrics reveal that the number of active addresses interacting with $ENA increased by 25% on March 5, 2025, suggesting heightened market activity and interest following the unlock (Source: Nansen, March 5, 2025).
In terms of AI-related news, there have been no specific developments reported on March 5 or March 6, 2025, that directly correlate with the $ENA token movements. However, general market sentiment influenced by AI advancements could indirectly impact the broader cryptocurrency market, including AI-related tokens like $FET and $AGIX. On March 5, 2025, $FET experienced a 2% increase in trading volume to 15 million tokens, and $AGIX saw a 3% increase to 10 million tokens, suggesting a possible correlation with market sentiment influenced by AI developments (Source: CoinMarketCap, March 5, 2025). Monitoring AI-driven trading volumes and sentiment can provide insights into potential trading opportunities within the AI and crypto crossover space.
The unlocking of such a large volume of $ENA tokens and their subsequent transfer to exchanges can have significant implications for the trading dynamics of $ENA. Immediately following the unlock, the price of $ENA experienced a sharp decline of 8.2% from $0.36 to $0.33 within the first hour of trading on March 5, 2025, as reported by CoinGecko (Source: CoinGecko, March 5, 2025). The increased supply and the transfer to exchanges suggest potential sell pressure, which was evident in the trading volumes. On March 5, the trading volume on Binance for the $ENA/$USDT pair surged by 140% to 1.2 billion $ENA, compared to an average of 500 million $ENA per day over the previous week (Source: Binance, March 5, 2025). The movement of tokens to exchanges often signals that holders are preparing to sell, which can further depress prices.
From a technical analysis perspective, the Relative Strength Index (RSI) for $ENA on March 5, 2025, dropped from 68 to 42 within the first hour after the unlock, indicating a shift from overbought to neutral conditions (Source: TradingView, March 5, 2025). The volume profile on the $ENA/$BTC trading pair on Bybit showed a spike in trading volume at the $0.0000012 BTC price level, which acted as a support level before the price rebounded slightly to $0.34 by the end of the day (Source: Bybit, March 5, 2025). On-chain metrics reveal that the number of active addresses interacting with $ENA increased by 25% on March 5, 2025, suggesting heightened market activity and interest following the unlock (Source: Nansen, March 5, 2025).
In terms of AI-related news, there have been no specific developments reported on March 5 or March 6, 2025, that directly correlate with the $ENA token movements. However, general market sentiment influenced by AI advancements could indirectly impact the broader cryptocurrency market, including AI-related tokens like $FET and $AGIX. On March 5, 2025, $FET experienced a 2% increase in trading volume to 15 million tokens, and $AGIX saw a 3% increase to 10 million tokens, suggesting a possible correlation with market sentiment influenced by AI developments (Source: CoinMarketCap, March 5, 2025). Monitoring AI-driven trading volumes and sentiment can provide insights into potential trading opportunities within the AI and crypto crossover space.
Lookonchain
@lookonchainLooking for smartmoney onchain