Ethena Transfers Millions in ENA to Binance; Whale Buys $36M in ETH

Coin WorldTuesday, Mar 4, 2025 9:00 pm ET

1min read

On the heels of the recent liquidation of Genesis Trading, a significant transaction has caught the attention of the crypto community. An address associated with the Ethena team has transferred a substantial amount of ENA, the native token of the Ethereum Name Service (ENS), to Binance, the world's largest cryptocurrency exchange.

The transaction, valued at approximately 38.36 million ENA, was recorded on the Ethereum blockchain and has sparked speculation about the team's intentions. While the exact reason behind the transfer remains unclear, it could potentially indicate a strategic move by the Ethena team to diversify their holdings or prepare for future developments in the ENS ecosystem.

In related news, an address that received a 114,500 ETH reimbursement following the Genesis Trading liquidation has sold 40,000 ETH over-the-counter (OTC). This transaction suggests that some market participants are taking advantage of the current market conditions to lock in profits or reduce their exposure to the volatile crypto market.

Meanwhile, a prominent whale, holding a substantial amount of ETH, has acquired an additional 17,855.3 ETH, spending approximately $36.68 million in the process. This transaction highlights the continued interest and investment in the Ethereum ecosystem, despite the recent market turmoil.

In other developments, the USDC Treasury has minted an additional 50 million USDC on the Ethereum blockchain. This increase in the circulating supply of USDC, a stablecoin pegged to the US dollar, could potentially indicate growing demand for stablecoins as a safe haven during market volatility.

As the crypto market continues to evolve, these transactions serve as a reminder of the dynamic nature of the industry and the importance of staying informed about the latest developments. While the reasons behind these transactions may remain unclear, they offer valuable insights into the current state of the market and the strategies employed by various market participants.

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