Ethena team addresses sell $6.75M ENA as price rebounds
Ethena (ENA)
Editor:
Eugene Serbin
lookonchain.com reports that addresses linked to the Ethena project team have accelerated selling as the token price rebounds. On-chain analyst Ai Yi (@ai_9684xtpa) monitored two specific addresses suspected of liquidating their holdings. Since September 3, these addresses transferred a total of $6.75 million worth of ENA tokens to centralized exchanges.
Over the past 15 hours, the addresses deposited 19 million ENA tokens, valued at approximately $3.29 million, into Bybit. The tokens held by these addresses were originally transferred from Ethena’s multi-signature address two years ago. They had not been moved in the interim before beginning bulk deposits.
This activity occurred after a recent sharp rally in ENA’s price. Tom Lee stated that Ethereum is more like 'digital land' rather than cash. Bitcoin faces CPI and PPI tests this week, with market bets pushing the probability of a Federal Reserve rate hike in September to 58.4%.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 7 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1762 with a 24-hour spot volume of $53,344,728. The 1-hour and 4-hour buy ratios are 50.1% and 50.4% respectively, indicating a slight shift toward buying in the short term. However, the 24-hour buy ratio is 48.3%, showing that selling pressure has dominated the full day. The 24-hour volume delta is -$1,728,864, meaning sellers have outpaced buyers by that amount over the last day. The cumulative volume delta (CVD) for the 24-hour close is -$2,408,530, confirming net outflow. Buying pressure is fading over the longer timeframe despite the short-term balance.
The latest daily buy ratio of 42.7% sits at the 1st percentile of the last 324 days, against a median of 49.0% - among the weakest buying days it has had.
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 average buy ratio was 48.5%, which is slightly lower than the current 24-hour reading of 48.3%. Volume over the last 24 hours was 1.33 times the weekly average, indicating unusually high activity. This volume spike contrasts with only 2 of 7 days showing net buying in the weekly data. The 8-day price change was +18.9%, while the 8-day volume delta total was -$7,749,116. This suggests that despite the price surge, the week has been characterized by net selling pressure.