Large Ethena holder deposits remaining 102m ENA into Coinbase
On-chain data shows an early investor moved $15.6m worth of ENA to Coinbase, completing a full liquidation of its original allocation.
Key takeaways
- 1Wallet 0x3C71 deposited its remaining 102m ENA ($15.6m) into Coinbase over two days.
- 2The investor originally received 142.92m ENA ($69.69m) from Ethena two years ago.
- 3The holder sold the entire position at an average execution price of $0.24 per token.
A major cryptocurrency investor transferred 102 million ENA tokens, valued at roughly $15.6 million, to the Coinbase exchange over two days. Blockchain data confirms that the latest deposit cleared out the wallet's remaining balance of the asset, completing a full exit from the position.
The wallet address, identified on-chain as starting with 0x3C71, originally acquired 142.92 million ENA tokens directly from Ethena two years ago. At the time of receipt, that total allocation was worth approximately $69.69 million. The investor gradually deposited the funds onto Coinbase, selling off the entire holdings at an average execution price of $0.24 per token.
Ethena is a synthetic dollar protocol built on the Ethereum blockchain, governed by holders of its native ENA token. Early participants and institutional supporters received initial distributions of ENA during its protocol launch. Because early investors hold substantial portions of the token supply, movements from these core wallets can shift market supply dynamics.
Deposits of this scale to centralized exchanges typically indicate an intention to liquidate assets, as holders shift tokens from private wallets into active order books. Market participants monitor such whale transactions to gauge prospective selling pressure on the asset, especially when early backers dispose of their final remaining tokens.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.