Ethena-linked address liquidates 14M ENA tokens after 2-year dormancy
Ethena (ENA)
Editor:
Eugene Serbin
lookonchain.com reports that an address linked to the Ethena project team, dormant for two years, appears to have liquidated its holdings. On-chain analyst Ai Yi monitored that the address's assets have dropped by 65% following the transfer. The address 0x891…e4041 received 14 million ENA tokens from Ethena’s multi-sig wallet in July 2024.
At that time, the transfer was worth $6.89 million, based on a token price of $0.4928. Six hours ago, the address moved all its tokens to Bybit. The holdings are now valued at $2.41 million, marking a $4.48 million decrease from the receipt time.
This represents a decline of over $8.735 million from the peak value. The move signals a significant reduction in the team-linked wallet's exposure to the asset.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 4 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1684 with a 24-hour buy ratio of 51.0%, indicating a near-even split between buyers and sellers. Short-term activity shows a 1-hour buy ratio of 45.9%, suggesting immediate selling pressure, while the 4-hour ratio of 54.5% indicates slightly stronger buying over a longer window. The 1-hour volume delta is negative at -$136,968, meaning more volume was sold than bought in the last hour. However, the 4-hour volume delta is positive at +$752,724, showing net buying over the longer timeframe. The 24-hour volume delta stands at +$1,053,917, confirming that buying pressure has dominated over the full day. This suggests that while immediate selling occurred, the broader trend remains net positive.
The latest daily buy ratio of 48.8% sits at the 47th percentile of the last 281 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 48.2%, making today's 24-hour ratio of 51.0% slightly above average by 2.8 points. Volume was at 0.93x the average, indicating slightly lower trading activity than usual. The coin experienced a -1.0% price change over eight days, with a total volume delta of -$982,958 for the period. Today's positive 24-hour volume delta contrasts with the weekly negative trend, marking a shift in short-term flow. This represents an unusual day of net buying compared to the broader weekly context of net outflows.