ENA Large-Scale Fund Flow Exposure: A Two-Year Overview of Ethena Labs' Holdings

2025-12-20 01:12:11

Abstract generation in progress

【ChainNews】Here’s an interesting data point. Ethena Labs recently deposited 18.36 million ENA into a major exchange, worth $3.75 million. This isn’t a strange move, but looking back, the story becomes more interesting.

Two years ago, they withdrew 34.65 million ENA from Gate (worth $28.25 million at the time), and additionally received 3.38 million ENA as staking rewards ($1.32 million). Now? They still hold 20.118 million ENA in the liquidity pool (currently valued at $4.23 million).

A simple calculation: the amount withdrawn, transferred to the exchange, earned from staking, plus what’s in the liquidity pool—how do I explain this? Funds are not only moving but also cycling between different pools. Is this a strategy adjustment, or is it preparation for something else? We’ll have to see the subsequent actions.

ENA2.32%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

5 Likes

Reward
5
6
Repost
Share

Comment

0/400

ZenMiner

· 13h ago

Oh man, these numbers look just like they're playing "Money Transfer Magic." I really can't tell if they're arbitraging or just warming up before fleeing.

View OriginalReply0

WalletsWatcher

· 13h ago

Looking at these numbers, is Ethena dumping or laying out? From 283 to now, the on-paper value has shrunk significantly.

View OriginalReply0

FunGibleTom