Five institutional investor addresses of Ethena have transferred a total of 40.217 million ENA worth approximately 29.8 million USD to exchanges since last night.
This ENA is transferred to the exchanges Binance and Bybit, reflecting notable trading activity from large institutions in the Ethena ecosystem.
MAIN CONTENT
5 institutional addresses transferred over 40 million ENA to the exchange in the past 24 hours.
Strobe Ventures executed a large transaction on Binance and then sold USDC.
Many batches of ENA worth millions of USD were transferred to Binance and Bybit.
Which institutional investors have transferred ENA to the exchange and what is the volume?
Five institutional addresses, including Strobe Ventures, Amber Group, and three individual addresses, have transferred a total of 40.217 million ENA to major exchanges like Binance and Bybit.
Specifically, Strobe Ventures transferred 7 million ENA to Binance and then withdrew 5.087 million USDC, Amber Group transferred 6.39 million ENA, and the remaining three addresses transferred a total of over 26 million ENA to Bybit.
This move reflects the increased liquidity of ENA and the trading intentions of large institutions in the cryptocurrency market.
Why did Strobe Ventures sell 5.087 million USDC immediately after transferring ENA to Binance?
Strobe Ventures transferred 7 million ENA to Binance 12 hours ago and then withdrew 5.087 million USDC after 4 hours, according to the latest on-chain data.
This action indicates that the fund may transfer ENA for sale to realize profits or restructure its portfolio, reflecting a professional capital management strategy in a volatile market.
Effective cash flow management is a decisive factor in institutional trading, helping to control risks and maximize profits.
Statement from Ethena financial expert, 2024
What does the transfer of ENA to Binance and Bybit mean for the market?
The transfer volume of ENA worth nearly 30 million USD to two major exchanges indicates that large investors are actively trading, which could impact liquidity and token prices.
This could be a sign of price adjustment or preparation for larger trading strategies in the near future, contributing to the diversification of market movements in Ethena's cryptocurrency.
Large-scale transactions from these institutions are often closely monitored because they affect price trends and the sentiment of individual investors.
How to track large institutional transactions in the cryptocurrency market?
Using on-chain analysis tools like Ember helps accurately detect the movements of whale and institutional addresses in real time.
These tools provide transparent data, helping investors forecast market volatility and recognize signals from large-scale transactions to make informed investment decisions.
Frequently Asked Questions
1. Do these large ENA transfers cause significant price fluctuations in the token?
Large transactions often have an immediate impact on liquidity and price but also depend on the overall market and the reactions of other investors.
2. Why do institutions choose Binance and Bybit to transfer ENA?
Binance and Bybit have large liquidity, stable platforms, and support for diverse token trading that suits the needs of institutions.
3. Does transferring ENA to the exchange mean that the organization is selling off?
Transferring to the exchange does not necessarily mean selling off; it could be to prepare for trading, restructuring, or maintaining liquidity.
4. How to effectively track institutional transactions?
Using professional on-chain tools helps detect signals of large token movements and analyze market trends.
5. Does ENA have growth potential when institutions make large transactions?
Institutional trading reflects market interest, but its potential still depends on fundamental factors and overall cryptocurrency market developments.
Source: https://tintucbitcoin.com/ethena-chuyen-40217-trieu-ena-len-san/
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