A long-dormant whale — an address holding a large amount of a token — has sold 37.725 million Ethena (ENA) tokens through BitGo, a digital asset custody provider, in a transaction valued at approximately $9.25 million at current market prices, ending a period of inactivity that lasted more than a year.

On-chain monitoring identified the wallet as address 0xa554. According to Lookonchain, an analytics service that tracks large wallet movements, the sale took place roughly 12 hours its latest update. Even after the disposal, the wallet continues to hold 119.82 million ENA, a balance worth around $29.6 million.

The sale comes as ENA trades near $0.25 and continues to see active trading. CoinDesk data puts Ethena's market capitalization at approximately $3.37 billion, with 24-hour trading volume exceeding $323 million. At roughly $9.25 million, the disposal represents a small share of that daily volume, meaning its significance lies more in what it signals about holder behavior than in its immediate liquidity footprint.

Whale activity draws market attention

The transaction accounted for roughly 24% of the wallet's ENA holdings prior to the sale. The holder has not fully exited the position, however, and retains a substantial stake.

Large wallet movements of this kind can influence short-term sentiment, as traders often track dormant addresses for signs of renewed selling pressure. Because blockchain ledgers are public, analytics firms can flag when long-idle addresses become active, making such reactivations a closely watched subset of on-chain activity. The transfer drew particular attention because the wallet had reportedly been inactive for more than 12 months.

Even so, the transaction by itself does not reveal the whale's broader investment strategy. The remaining balance indicates the holder continues to maintain significant exposure to ENA.

ENA faces renewed selling pressure

The whale's move follows several developments that have strengthened the broader investment case for Ethena. CoinDesk reported in August that Ethena introduced changes intended to reduce investor selling pressure and connect ENA more closely with protocol revenue.

The protocol has also drawn growing interest from traditional financial institutions. CoinDesk reported in June that BlackRock integrated Ethena's yield-generating token into its risk management platform and established a $100 million liquidity facility.

For ENA holders, the latest whale sale adds another factor to monitor. Future transfers from the same address — particularly any movement of its remaining 119.82 million ENA — could provide further clues about whether the holder intends to reduce its position or continue maintaining a large ENA allocation.