Just now, on-chain monitoring detected a major movement—33.5 million ENA (approximately $7.25 million) was bulk transferred out of an institutional wallet within 2 hours, flowing into multiple exchange platforms and custody accounts. Specifically: a leading exchange received 16 million, KuCoin credited 5 million, another top exchange received 5 million through an intermediary account, and another 7.5 million went into BitGo custody.

Interestingly, the source of this batch of ENA is also quite noteworthy. The wallet received about 40 million ENA (worth approximately $8.23 million at the time) from a compliant custody institution on December 21, and that 40 million ENA originally came from an Ethena protocol transfer on December 19.

Counting the figures: from December 21 to now, the value of this fund has increased by about 5%, and 84% of the tokens are already gathering on exchanges. What does this mean? It suggests that holders might be preparing to dump, or at least are getting ready for potential large fluctuations. The large volume received by exchanges indicates that subsequent selling pressure should not be underestimated.