Ethena Labs (ENA) Transfers 13.94M Tokens to Binance Ahead of 94M Token Unlock

A whopping 13.94 million ENA tokens, closely linked to Ethena Labs, have been deposited into Binance from a familiar wallet, as first reported by crypto analysts.

The transfer, which occurred in the past six hours, is currently valued at approximately $4.66 million. The tokens were released by an Ethena Labs smart contract just three days ago.

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The following tokens with the largest unlock amount will be unlocked next week: $SUI – $317.35M$OMNI – $40.73M$ENA – $32.60M$OP – $25.07M$UDS – $19.62M$RON – $18.28M$KMNO – $13.79M pic.twitter.com/zvzEA0dg4o

— CryptoRank.io (@CryptoRank_io) April 27, 2025The transfer was done by the wallet identified on-chain as 0xc50EC622B9Da9A15695f394B06655C4731FAa833. This wallet has been under close scrutiny by blockchain analysts.

Why? Its recent activity and proximity to the token release timeline have fueled speculation about whether this wallet might belong to a private investor or be controlled by someone directly associated with Ethena Labs.

Wallet Linked to #ethena Labs Deposits 13.94M $ENA to #Binance

In the past six hours, a wallet linked to Ethena Labs — 0xc50EC622B9Da9A15695f394B06655C4731FAa833 — deposited 13.94 million ENA (worth $4.66 million) to Binance.

The 13.94 million $ENA tokens were released by an Ethena Labs smart contract on April 27.

— EyeOnChain 🔶 (@EyeOnChain) April 29, 2025

This deposit’s timing is especially conspicuous. Ethena Labs is on the verge of unlocking a mammoth 94 million ENA tokens on May 3—the tokens’ total supply is around 0.63% on that date. This reservoir is about to burst, and in the days leading up to that event, recent stirrings in certain wallets have taken on a somewhat sinister appearance.

While it’s not uncommon for big holders to shuffle assets around in anticipation of trading or reallocations, the stark correlation between the token release and this hefty transfer has some in the market scratching their heads and wondering what exactly is going on.

Is this just a typical preparatory move for an unlock event, or is it something else entirely—maybe a signal about impending liquidity, or a kind of insiders’ distribution before a major price event?

An internal Ethena Labs contract released the 13.94 million ENA tokens just 72 hours before they were moved to Binance. This rapid sequence of events—a contract release immediately followed by an exchange deposit—has led to some wild speculation that maybe this wallet is owned by some kind of insider or privileged early backer with access to recently unlocked assets.

Investor or Insider?

Data on the blockchain doesn’t tell any lies, but more often than not, it doesn’t tell the whole truth either. The person or persons behind the blockchain address remain a mystery, though the circumstantial evidence—a.k.a. the on-chain activity—suggests it might be a well-known investor, a member of the project team, or some other high-profile party with a huge financial interest in this little corner of the crypto space.

In the past, movements of this size have acted as harbingers for significant market events. This is especially so when they occur right before a big unlock. Some community members worry that this might put downward pressure on ENA’s price if a decent chunk of the newly unlocked tokens gets deposited and sold.

On the other hand, some folks argue that this is just normal project operation and should not be cause for concern, especially if the tokens in question have structured vesting schedules and unlock events.

Ethena Labs, a name on the rise in the decentralized finance space, is winning more and more attention for its unique approach to synthetic dollar issuance and stable asset structures. The project’s ENA token is central to its ecosystem, and any significant changes to how the token is distributed are sure to have an impact on investor sentiment and the market.

The next unlock is on May 3, and the crypto community will watch both on-chain activity and market behavior around ENA. If large