According to Onchain Lens, Ethena received 46.79 million ENA (12.78 million USD) from Bybit, with 21.79 million ENA (5.23 million USD) traced to a wallet that withdrew from Coinbase about 3.5 months ago, based on Nansen data. Onchain Lens added that the source wallet now holds 451.94 million ENA valued at 121.79 million USD at address 0x631ee55b8ecd7afb53ec30211a082691a4cbe3ae, per Nansen. Calculated from figures reported by Onchain Lens citing Nansen, the 21.79 million ENA represents roughly 4.8 percent of that wallet’s current ENA balance.

According to @OnchainDataNerd, an early ENA investor (casualpig.eth) received 5,000,000 ENA from vesting and deposited 5,600,000 ENA (approximately $3.33M) into Binance about 7 hours ago; verification address: https://intel.arkm.com/explorer/address/0xDe03641933751f7Bb5d8Eff5436A7957dD697247. Source: @OnchainDataNerd post on X dated Oct 6, 2025; Arkham Intelligence explorer link provided by the source.

According to @OnchainDataNerd, 26.55 million ENA worth about 16.6 million USD unlocked to investors within the past 24 hours and were mostly deposited into exchanges, based on the linked Arkham Intelligence address 0x4655B6A10C83D6bEfF1DC7116436cFD8b4F8d48A (source: @OnchainDataNerd on X; source: Arkham Intelligence address 0x4655B6A10C83D6bEfF1DC7116436cFD8b4F8d48A). The on-chain inflows increase the available ENA supply on exchanges during this period, a trading-relevant shift in liquidity conditions confirmed by recent transfers shown on Arkham Intelligence (source: Arkham Intelligence address 0x4655B6A10C83D6bEfF1DC7116436cFD8b4F8d48A).

According to @EmberCN, an address labeled as belonging to Maven11 Capital withdrew 21.156 million ENA from Binance over the last 19 hours, totaling approximately $15.1 million at an average price of $0.714 (source: @EmberCN on X). The address is viewable on Arkham Intelligence at intel.arkm.com/explorer/address/0x9c7B3C57632aB8BED71a4dDbC950d8C009DFe7aA, which is labeled as Maven11 Capital and reflects the referenced activity (source: Arkham Intelligence).

According to @ai_9684xtpa, a new wallet 0x43d0baD1F61EE259D3a176Eb9170C1Bc28B1B4f2 withdrew 11.03 million ENA from Coinbase about 9 hours before the post, valued at approximately USD 8.36 million at an indicated per-token price of 0.7578 USD. Source: X post by @ai_9684xtpa on Sep 12, 2025: twitter.com/ai_9684xtpa/status/1966331837175017585. The wallet can be monitored for subsequent on-chain activity via the Arkham Intel page provided in the post: intel.arkm.com/explorer/address/0x43d0baD1F61EE259D3a176Eb9170C1Bc28B1B4f2. Source: Arkham Intel link shared in the same post by @ai_9684xtpa. The post also discloses sponsorship by Gate (Gate.io). Source: X post by @ai_9684xtpa on Sep 12, 2025: twitter.com/ai_9684xtpa/status/1966331837175017585.

According to Lookonchain, wallet 0x9e8b opened a long position in ENA roughly three hours before the post time on Sep 6, 2025, totaling about 27.9 million ENA valued around $20.5 million, as shown on the linked Hyperliquid trader dashboard. Source: Lookonchain on X; Hyperdash trader page. Lookonchain also reports that this wallet has realized over $14.5 million in profits on Hyperliquid. Source: Lookonchain on X.

According to @secondswap_io, today's Ethena (ENA) unlock introduces roughly $25M of new supply while an existing $260M buyback program is already absorbing circulating tokens, which they say cushions near-term market impact and keeps adoption velocity in focus. Source: SecondSwap on X, Sep 2, 2025. Based on SecondSwap's figures, the unlock size is about 9.6% of the buyback capacity, indicating buyback firepower materially larger than today's issuance. Source: SecondSwap on X, Sep 2, 2025.

According to @EmberCN, five Ethena institutional investor addresses transferred a total of 40,217,000 ENA (about $29.8 million) to exchanges since last night (source: @EmberCN). Per @EmberCN, Strobe Ventures sent 7,000,000 ENA to Binance 12 hours before the post and withdrew 5,087,000 USDC 4 hours later, with a sale price of $0.726 (source: @EmberCN). Per @EmberCN, Amber Group deposited 6,390,000 ENA (about $4.84 million) to Binance 4 hours before the post (source: @EmberCN).

According to @adriannewman21, owning ENA can be a straightforward way to express an Ethereum-bullish view, source: Adrian on X (Aug 9, 2025). Ethena’s USDe is primarily collateralized by ETH staking assets and hedged with short perpetuals to stay delta-neutral, so protocol returns are driven by staking rewards and perpetual funding rates tied to ETH market conditions, source: Ethena Labs Documentation. For trading, monitor three ETH-linked signals: ETH perpetual funding rates, ETH staking yields, and USDe circulating supply reported on the project’s transparency dashboard, sources: Ethena Labs Documentation; Ethena Transparency. Key risks include negative funding compressing sUSDe yield, basis dislocations increasing hedge costs, and centralized exchange counterparty risk on hedges, source: Ethena Labs Documentation.