On November 12, 2026, at 15:48 UTC+8, Odaily reported that, according to on-chain analyst Ai Yi, an address had deposited 18.91 million ENA, worth approximately $2.7 million, to Binance about two hours earlier. The analyst suspected a possible sale, but an exchange deposit does not establish that the tokens were sold.
The address received those tokens from the Ethena Proxy contract between February and November 2026. Odaily reported an ENA price of $0.1772 when the tokens were received and $0.1432 at the time of its report—a decline of more than 19%. Ai Yi also observed that the address appeared to transfer ENA to exchanges periodically and suggested the activity might relate to unlocks for the team, institutions or related parties. That connection was not confirmed.
For valuation purposes, the transfer identifies a potential source of exchange-side supply, not a measured sale or a change in Ethena’s protocol fundamentals.