Aave Creator's OTC ENA Transaction: Strategic Liquidity Play or Potential Market Hazard?
- Aave founder Stani Kulechov deposited 4M ENA tokens ($2.25M) into an OTC platform, raising concerns about market pressure and alignment with Ethena holders. - Ethena's 41% circulating supply faces downward pressure after a 2.6% token unlock, with ENA trading at $0.586 amid ongoing liquidity challenges. - Aave's 55% stake in Ethena's stablecoin USDe creates systemic risks, as overlapping collateral strategies could trigger liquidity crises during market stress. - Technical indicators show ENA stabilizing
Stani Kulechov, the founder of Aave, has transferred 4 million
Currently, only 41% of Ethena’s total supply of 6.6 billion ENA tokens are unlocked and available for trading. The latest release of 171.8 million ENA—equal to 2.6% of the total supply—has already put downward pressure on the price, with ENA trading at $0.586 as of September 26, a 5.6% decline over the past week Ethena drops after $106M unlock, Aave risk raises concern [ 2 ]. The Aave founder’s OTC transaction could intensify selling pressure, especially if other major holders take similar actions.
Moving tokens to an OTC platform indicates a calculated approach to handling liquidity, rather than selling directly on public exchanges. OTC deals enable large trades to be executed quietly, reducing the risk of significant price swings. Still, the transaction has sparked questions about whether Ethena’s leadership’s interests are fully aligned with those of its token holders. The size of Stani Kulechov’s ENA holdings, obtained through Aave’s investment in Ethena’s ecosystem, has not been publicly disclosed.
Ethena’s partnership with Aave brings both advantages and risks. While Aave supplies essential liquidity for Ethena’s stablecoin
Traders are monitoring technical signals for indications of market stability. ENA’s price has remained above its 50-day and 100-day exponential moving averages, pointing to a positive long-term outlook despite recent turbulence Ethena drops after $106M unlock, Aave risk raises concern [ 2 ]. The relative strength index (RSI) is at 53, suggesting a neutral trend, while Bollinger Bands indicate less volatility after the latest pullback. If ENA can hold above $0.60, it may attract renewed buying, but a drop below $0.56 could challenge important support levels.
The transfer of 4 million ENA to an OTC platform highlights the ongoing hurdles for
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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