In a notable market move, fresh multisignature wallets have withdrawn a total of 43.19 million $ENA tokens, valued at $35.68 million, from exchanges Gateio and Bybit over the past week.

This activity coincides with a 28% price surge in $ENA over the last seven days, resulting in these wallets accumulating $2.05 million in unrealized profits.

1/6. $ENA: +31.05% (7D)

Three fresh multisigns withdrew 54.31M $ENA ($45.61M) from CEX in the past 7 days, including:

1.1. "0xe68" withdrew 34.65M $ENA, now making 3.2M in just 7 days.

1.2. "0xc7e" and "0x8be" withdrew 19.66M $ENA, now making $657K in the past 19 hours. pic.twitter.com/NVOj888h1g

— Spot On Chain (@spotonchain) May 24, 2024

Further analysis reveals that three fresh multisignature wallets have collectively withdrawn 54.31 million $ENA tokens, worth $45.61 million, from centralized exchanges (CEX) in the past week. Specific wallet activities include:

– Wallet “0xe68” withdrew 34.65 million $ENA, now generating a profit of $3.2 million in just seven days.

– Wallets “0xc7e” and “0x8be” withdrew a combined total of 19.66 million $ENA, making $657,000 in the past 19 hours alone.

In addition to $ENA, other significant token movements have been observed. Whale wallet “0x43c” withdrew 82,041 $ENS, worth approximately $2.06 million, from Binance at a price of $25.13 around three hours ago.

Three fresh multisigns have withdrawn 43.19M $ENA ($35.68M) from #Gateio and #Bybit in the past week!

With the price surging 28% (7D), these wallets are making $2.05M in unrealized profits.

Are whales bullish on $ENA, a $ETH beta token, thanks to recent Ethereum ETF approval… pic.twitter.com/Xbwrh9agVA

— Spot On Chain (@spotonchain) May 24, 2024

These substantial withdrawals have been accompanied by a marked increase in trading volume. As $ENA’s price soared today, its 24-hour trading volume rose by 42%, indicating heightened trading activity and interest in the token.

The surge in $ENA’s price and the significant withdrawal activity suggest strong bullish sentiment among large holders, likely anticipating further price increases. Such moves can also impact market liquidity and trading behavior, as large quantities of tokens being moved off exchanges typically indicate a longer-term holding strategy rather than short-term trading.

Investors and market watchers should keep a close eye on these wallet activities and broader market trends to gauge the potential impact on $ENA and other related tokens. The dynamic nature of these transactions highlights the significant influence of whale movements on market sentiment and price direction.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: peshkov/123RF // Image Effects by Colorcinch

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