Three wallets linked to Ethena Labs, 0xe72, 0xab4, and 0x5a6, jointly deposited 22.142M ENA ($8.49M) to FalconX via the same deposit address in the past 45 minutes:

• address 1: 0xe72d8b318b7b016df5bda19b6792772883a50bee deposited 16M ENA ($6.14M) - transaction 1: 0x87c2620b1eaa5a46dfcbafcf26842abfa7f611eaf5c8db128e956fa42c9e237d;
• address 2: 0xab4da81195794aeecd8db3b18a17471c24a5618a deposited 3.855M ENA ($1.46M) - transaction 2: 0xed69999e36e56222015e552886a2dcb66d464e91e4e709ce732dc68feffe9724;
• address 3: 0x5a696fe58e017c57542fa6ac25c562f64f127b8b deposited 2.286M ENA ($887K) - transaction 3: 0x034a00351678060d8b03b54ba655127a2dddb7d0674f20657cf86daba2447bbd.

Notably, the wallets received their ENA tokens from the same Ethena Labs' multi-signature wallet "0x688" on July 20, 2024 (7 months ago), when the price was $0.487.

Overall, in the past 2 days, six wallets that received ENA from Ethena Labs on July 20, 2024, have woken up and deposited 87.72M ENA to Binance, FalconX, and Bybit at an average price of $0.38 ($33.3M), often ahead of price drops.

Currently, there remains 64.75M ENA ($24.5M) across 3 wallets, including:

• Wallet "0xab4" above holds 6.145M ENA ($2.33M);
• Wallet 0xab2eedf5cf6e534b3ab8e2a71f7457228138c1b3 holds 53.6M ENA ($20.3M) and another 5M ENA ($1.9M) in a new sub-wallet 0x6eeefab16e2ead786470f736899855d8f1683e7f.

Fig 1. Six wallets that received ENA from Ethena Labs on July 20, 2024, deposited 87.72M ENA ($33.3M) to Binance in the past 2 days.

Fig 2. The ENA deposits often took place ahead of price drops.