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COINOTAG News, December 19 — Onchain Lens tracking records show Ethena Labs transferred 23.3 million ENA to FalconX roughly nine hours earlier, valuing the amount at about $4.74 million. The wallet continues to hold a substantial ENA stake of 123.4 million, near $25 million, underscoring ongoing liquidity management within the ENA market and its cross-exchange activity.

Analysts emphasize using on-chain data to gauge liquidity flows and reserve allocation in mid-cap tokens like ENA. The nine-hour interval and sizable transfer to FalconX provide a measurable data point for investors tracking cross-exchange activity, wallet balance shifts, and potential price sensitivity in the ENA market. The disclosed wallet balance indicates retained liquidity and reserve management within Ethena Labs‘s ENA holdings.