In a significant move, a newly active wallet, 0xc04—associated with Anchorage Digital—made a notable withdrawal of 10.7 million $ENA (worth approximately $3.96 million) from Binance just 8 hours ago.

This transaction stands as Anchorage Digital’s largest single $ENA trade to date, positioning $ENA among its top assets.

The backdrop to this move is a challenging period for $ENA. Since launching in April 2024, $ENA’s price has slid 43%, with Ethena Labs, the token’s creator, recently facing accusations over the alleged misuse of 180 million $ENA tokens in an “unfair farming” scheme. This controversy has raised concerns in the community and added pressure to $ENA’s valuation.

Despite $ENA’s turbulent performance, Ethena Labs’ stablecoin, $USDe, has seen considerable growth. Following an increase in the $sUSDe annual percentage yield (APY) to over 10% in mid-October, $USDe’s market cap has surged by $310 million. Inflows continue steadily, with an additional $42 million entering over the past three days.

As $sUSDe offers one of the highest APYs, its growth highlights the competitive landscape for stablecoin DeFi protocols. To remain appealing, other protocols may need to match or exceed $sUSDe’s APY, which could influence the broader market dynamics within DeFi.

Anchorage Digital’s increased position in $ENA suggests ongoing interest, even as Ethena Labs navigates these challenges. At the same time, $USDe’s rise underscores the demand for competitive returns in the stablecoin space, setting the stage for a potential shift in the DeFi protocol landscape.

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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