Wallet 0x5a6 linked to Ethena Labs deposited another 3.714M ENA ($1.31M) to Binance in the past 30 minutes:

• transaction 1: 0x44be3652aa48bcd681364fb38b4c919b22206e84963587d25d440498aff8e655
• transaction 2: 0xd8db27745053adaf010f8bed0f4cbf2a0346853e5e00132a3c54ceae702d2b82
• address: 0x5a696fe58e017c57542fa6ac25c562f64f127b8b

Notably, the wallet received 16M ENA from Ethena Labs' multi-signature wallet on July 20, 2024 (7 months ago) when the price was $0.487. In the past 11 hours, it deposited 13.714M ENA to Binance at an average price of $0.374 ($5.13M).

Overall, in the past 23 hours, four wallets that received ENA from Ethena Labs on July 20, 2024, have returned and deposited 65.58M ENA to Binance at an average price of $0.378 ($24.8M), often ahead of price drops.

Currently, there remains 60.89M ENA ($21.97M) across 3 wallets, including:

• Wallet "0x5a6" above holds 2.29M ENA ($825K);
• Wallet 0xab2eedf5cf6e534b3ab8e2a71f7457228138c1b3 holds 53.6M ENA ($19.34M) and another 5M ENA ($1.8M) in a new sub-wallet 0x6eeefab16e2ead786470f736899855d8f1683e7f.

According to Tokenomist, Ethena Labs is expected to unlock 2.07B ENA ($779M, or 39.17% of the circulating supply) this week.

Fig 1. Four wallets that received ENA from Ethena Labs on July 20, 2024, deposited 65.58M ENA ($24.8M) to Binance in the past 23 hours.

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