Crypto News

Ethereum Ecosystem Tokens See Significant Withdrawals Amid Price Surge

In a notable market move, fresh multisignature wallets have withdrawn a total of 43.19 million $ENA tokens, valued at $35.68 million, from exchanges Gateio and Bybit over the past week.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

Further analysis reveals that three fresh multisignature wallets have collectively withdrawn 54.31 million $ENA tokens, worth $45.61 million, from centralized exchanges (CEX) in the past week.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

$ENA Price Action To Monitor 

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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