Suspected Bybit multi-signature wallet withdrew 10 million ENA and deposited it into Ethena 17 hours ago
According to monitoring, 17 hours ago, a multi-signature wallet suspected to belong to a whale, institution or Bybit withdrew 10 million ENA (about 4.4 million US dollars) from Bybit and deposited it into Ethena. At present, the wallet has pledged 83.83 million ENA (about 37.39 million US dollars) in Ethena.
Analysis and Impact
This transaction shows that large institutions or whales are actively increasing their holdings on the Ethena platform. There are several points worth noting about this large-scale transfer and staking behavior:
Institutional confidence is strengthened: This large-scale staking shows the confidence and long-term optimism of institutions in the Ethena platform. Institutions usually carry out such large-scale operations after in-depth analysis and strict risk assessment, so this move is undoubtedly a strong signal for the future development of Ethena.
Market liquidity decreases: When large amounts of funds are transferred out of exchanges and staked, the supply of ENA available for trading in the market decreases. This may lead to a decrease in ENA's market liquidity in the short term, thereby creating certain pressure on the supply and demand relationship and pushing up the price of ENA.
Impact on investor sentiment: Large-scale pledges tend to attract market attention and positive reactions from investors. After such news spreads, it may inspire retail investors and other investors to follow suit, further pushing up the price of ENA.
Improved platform trust: The Ethena platform has attracted such a large amount of pledged funds, showing that it has strong competitiveness in terms of security and returns. This will help enhance Ethena's market reputation and attract more users to participate.
