Ethena (ENA) reserves decreased by $150 million as part of the $260 million buyback, a $500 million revenue phase, and a record supply of USDe boosted demand from investors.
The BIO protocol rose by 265% while reserves fell by 22% after storage, supported by Arthur Hayes with $1 million, and the new BioXP rewards system.
API3 rose by 130% as the Upbit listing and oracle sector momentum pulled 9 million, reducing reserves to 17.19 million tokens.
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Top 3 altcoins accumulated off exchanges in mid-August
By the third week of August, several altcoins saw a sharp decline in exchange reserves. This trend reflects increasing demand for accumulation and holding off-exchange. The shift is particularly noticeable as the so-called altcoin season becomes increasingly selective.
Which tokens are experiencing this accumulation surge, and what factors are driving investor optimism?
#اخبار_الكريبتو_العاجلة #عملات_رقمية #wct #اقتصاد_رقمي
1. Ethena (ENA)
Data from Santiment shows that Ethena (ENA) exchange reserves fell from 1.3 billion to 1.15 billion during the third week of August. In other words, 150 million ENA left centralized exchanges.
This occurred while the price of ENA rose by 30% in August, climbing from $0.51 to $0.65.
ENA Supply on Exchanges. Source: Santiment.
The decline in reserves coincided with Ethena's announcement of a $260 million buyback program. The plan allocates about $5 million daily to buy ENA from the market.
Tokenomist estimates that the buyback could remove 3.48% of the circulating supply. This absorption of selling pressure boosts long-term investor confidence.
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