Ethena (ENA): Market Maker Amber Group Withdraws 5 Mln ENA From Binance as its price rallied approximately 50%.
Against the backdrop of a downturn witnessed by cryptocurrencies due to market corrections, ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, amassed substantial attention among crypto market enthusiasts globally today, as its price showcased a phenomenal rally. Amid the buzz curated with Ethena’s substantial price rally, Amber Group, a global digital finance leader, accumulated staggering amounts of ENA from a CEX, further diversifying its crypto investment portfolio.
This move by the market maker stirred a whirlpool of speculations among crypto market traders and investors, questioning the massive accumulation’s impact on the token’s price action ahead.
Amber Group is a renowned market maker in the digital asset sector, offering liquidity to the crypto market by continuously buying and selling digital assets. With the firm’s massive ENA accumulation surfacing today, investors expect improved market efficiency and reduced price volatility for the token.
According to the insights revealed by SpotonChain, the wallet linked to Amber Group, going by the address 0x011, withdrew 5.106 million ENA, worth $4.66 million, from Binance at $0.913 today, April 3. This move sparked immense curiosity among investors as it follows the token’s recent remarkable price rally that came in tandem with Ethena’s Airdrop.
The much-awaited Ethena Labs airdrop reportedly kicked off on April 2, dispersing $450 million worth of ENA tokens to eligible wallets. Following the completion of this airdrop event, ENA continued to pump remarkably, birthing market optimism for the token.
The market maker offers more liquidity to the ENA token, a plethora of bullish trends, encompassing increased trading volume, reduced price volatility, increased market depth, etc., add a splash of optimism to the token.
Wait for updates, my friends 💫
