$$$

At 06:22 in the morning, an on-chain transaction was detected — 25 million ENA was directly transferred from a major exchange to the Ethena protocol, which was approximately worth 7.01 million dollars at that time.

Tokens of this magnitude directly flowing back to the protocol side, to be honest, are not common. They are either increasing collateral to stabilize the system, preparing for early liquidation, or possibly adjusting some risk exposure.

The key is timing. With this money moving so urgently, is there something new launching on the Ethena side recently? Or is someone trying to position themselves in advance? The supply and demand balance of ENA in the market is likely to change in the short term.

Anyway, when large funds move, the subsequent story is often not simple.