The launch of ‘Ethena Season 2’ staking rewards has triggered movements, as whales have been actively withdrawing large sums of $ENA (Ethena’s native cryptocurrency) from exchanges to participate in the program. Since initiating the ‘Ethena Season 2’ staking rewards, there has been a notable uptick in activity from major $ENA holders. Ten wallets have collectively withdrawn more than 1 million $ENA from various exchanges, accumulating 37.5 million $ENA (valued at approximately $51 million).
Since the launch of #Ethena Season 2 staking rewards, 10 wallets have withdrawn more than 1M $ENA from exchanges and staked it, totaling 37.5M $ENA($51M).Another wallet"0x523b" spent 436 $ETH($1.6M) to buy 1.16M $ENA at $1.39 and staked it.https://t.co/hBM0Czfk2r pic.twitter.com/dybjkxOST1
— Lookonchain (@lookonchain) April 10, 2024
Among these transactions, one particularly significant movement involved a wallet, identified as “0x523b,” which invested 436 ETH (equivalent to $1.6 million) to purchase 1.16 million $ENA at $1.39 each.
Other Recent Movements
Adding to the pattern of strategic investments, an update from two days ago revealed that three whales had withdrawn 11.9 million $ENA (worth $15.23 million) from Binance, one of the leading cryptocurrency exchanges. These funds were also directed towards staking, indicating a concentrated effort by large-scale investors to leverage the staking rewards offered by ‘Ethena Season 2’.
Whales are withdrawing $ENA from exchanges and staking it due to the #Ethena Season 2 staking rewards.3 whales withdrew 11.9M $ENA($15.23M) from #Binance and staked it.https://t.co/3UrErMJ2R3https://t.co/8ZPz0U8U8Fhttps://t.co/AAwOJLz8qk pic.twitter.com/NbMdbF5xdO
— Lookonchain (@lookonchain) April 8, 2024
The considerable interest in $ENA staking, especially from prominent investors, underscores a broader market trend towards staking as a viable investment strategy. This shift indicates confidence in $ENA’s long-term prospects and highlights the attractiveness of staking rewards as a source of passive income.
Substantial withdrawals of $ENA from exchanges for staking purposes could lead to a tighter supply in the market, potentially driving up the cryptocurrency’s value. This scenario is particularly likely if the demand for $ENA continues to rise amidst growing enthusiasm for Ethena Season 2 and its staking rewards.