In the past 14 hours, significant $ENA activity has been observed as two major entities moved tokens back to centralized exchanges (CEX).

A multisign wallet, identified as “0xc69,” deposited 10 million $ENA (valued at $11.9 million) to Bybit approximately 13 hours ago. Despite this transaction, the wallet still retains 124.7 million $ENA (~$144 million), most of which remains staked.

What’s noteworthy is that this multisign wallet has a history of offloading $ENA before notable price declines, indicating a potential market-timing strategy. Additionally, the wallet appears to share a Bybit deposit address with Arthur Hayes, the founder of BitMEX, raising speculation about its connections to key market players.

Galaxy Digital Deposits $7.49M $ENA to Binance  

Galaxy Digital, another major entity, deposited 6.38 million $ENA ($7.49 million) to Binance six hours ago at a price of $1.173. This follows their earlier withdrawal of 10.9 million $ENA from Binance on December 5, 2024, at a lower price of $0.925.

Currently, Galaxy Digital holds 4.45 million $ENA (worth $5.17 million), with an estimated total profit of $2.64 million from this trade, representing a 26% return. Their strategic movements suggest a calculated effort to capitalize on price differences and optimize returns.

Two more whales/Institutions deposited 16.38M $ENA ($19.4M) back to CEX in the past 14 hours.

1/ Multisign “0xc69” deposited 10M $ENA ($11.9M) to #Bybit 13 hours ago, leaving 124.7M $ENA (~$144M) behind, mostly under staking.

Notably, this multisign had often offloaded $ENA… https://t.co/w69oFtzPou pic.twitter.com/qxIYiQZQwS

— Spot On Chain (@spotonchain) January 7, 2025

Market Implications 

The recent $ENA deposits by these whales, totaling $19.4 million, have sparked interest among market participants. The history of these entities successfully timing trades and locking in profits could influence $ENA’s short-term price movements. Investors may want to monitor their activity closely, as their decisions often provide insights into market trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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