- Dormant ENA whale 0xa554 sold 37.725M ENA ($9.25M) via BitGo after 1+ year of inactivity
- Wallet still holds 119.82M ENA worth $29.6M — distribution is ongoing, not complete
- Institutional routing via BitGo signals a structured, staged sell-down rather than a panic exit
- Second confirmed sale from this wallet; prior move sent $6.98M to Binance
BREAKING
Ethena (ENA) is back under on-chain scrutiny as a previously dormant large holder reactivates and continues offloading a significant position. The move, flagged by Lookonchain, adds fresh distribution pressure to an asset that has seen elevated whale activity over recent weeks.
The Move:
Wallet 0xa554 — dormant for over a year — sold another 37.725 million ENA worth $9.25 million via BitGo approximately 12 hours ago, according to Lookonchain. Despite this latest sale, the wallet still retains a substantial position: 119.82 million ENA valued at approximately $29.6 million at current prices. The use of BitGo — an institutional-grade custody and settlement platform — indicates this is not a retail actor. The wallet’s dormancy for over a year before resuming sales suggests this holder has been strategically timing the distribution rather than panic-selling.
What This Signals:
On-chain analysts interpret sustained, staged selling from a long-dormant wallet as a structured distribution event — not a one-off liquidation. The $9.25 million sale is the second in a series; this same wallet previously broke its year-long silence by sending $6.98M to Binance while still holding $36.74M. The pattern — repeated sales in tranches via institutional infrastructure — points to a holder methodically reducing exposure rather than exiting entirely. With 119.82 million ENA ($29.6 million) still in the wallet, the distribution is ongoing. The key level to monitor is whether spot bids can absorb continued sell pressure from this address without breaking near-term price support. A sustained series of BitGo-routed exits from 0xa554 would increase overhead supply and complicate any near-term recovery thesis for ENA.
Forward Outlook:
Given that 0xa554 still controls a position nearly three times larger than its most recent sale, further tranches cannot be ruled out. On-chain watchers should monitor whether the wallet initiates additional transfers to BitGo or routes tokens directly to centralized exchanges — the latter would signal accelerated selling intent. Confirmation that selling pressure is easing would require the wallet to show no outbound activity for an extended period, or for wallet inflows to emerge. For broader context on ENA’s fundamental backdrop, ENA previously surged 24.8% following Ethena’s Binance equity perps deal, and technical analysis has flagged a bearish RSI divergence as a near-term risk ahead of a potential new ATH. The whale data, taken alongside the technical picture, warrants close attention in the sessions ahead.
Frequently Asked Questions
Why is wallet 0xa554 using BitGo instead of sending ENA directly to an exchange?
How much ENA does whale 0xa554 still have left to sell?
Does the dormancy period of over a year change how analysts read this sell signal?
Source: Lookonchain · Published by CoinsProbe Markets Desk
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