Against the backdrop of a downturn witnessed by cryptocurrencies due to market corrections, ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, amassed substantial attention among crypto market enthusiasts globally today, as its price showcased a phenomenal rally. Amid the buzz curated with Ethena’s substantial price rally, Amber Group, a global digital finance leader, accumulated staggering amounts of ENA from a CEX, further diversifying its crypto investment portfolio.

This move by the market maker stirred a whirlpool of speculations among crypto market traders and investors, questioning the massive accumulation’s impact on the token’s price action ahead.

Amber Group is a renowned market maker in the digital asset sector, offering liquidity to the crypto market by continuously buying and selling digital assets. With the firm’s massive ENA accumulation surfacing today, investors expect improved market efficiency and reduced price volatility for the token.

A Closer Look Into Amber Group’s ENA Accumulation

According to the insights revealed by SpotonChain, the wallet linked to Amber Group, going by the address 0x011, withdrew 5.106 million ENA, worth $4.66 million, from Binance at $0.913 today, April 3. This move sparked immense curiosity among investors as it follows the token’s recent remarkable price rally that came in tandem with Ethena’s Airdrop.

Wallet 0x011 (likely @ambergroup_io) has withdrawn 5.106M $ENA ($4.66M) from #Binance at ~$0.913 in the past 2 hours.

The $ENA price has surged nearly 45% after going live yesterday!

Follow @spotonchain and turn on your at https://t.co/iR9FkTBPJC pic.twitter.com/IxCOeyxf2k

— Spot On Chain (@spotonchain) April 3, 2024

The much-awaited Ethena Labs airdrop reportedly kicked off on April 2, dispersing $450 million worth of ENA tokens to eligible wallets. Following the completion of this airdrop event, ENA continued to pump remarkably, birthing market optimism for the token.

Meanwhile, with the market maker’s substantial accumulation further weighing in, a potential cushioned effect on price remains poised as the token’s supply on exchanges takes a hit. Additionally, as mentioned above, as the market maker offers more liquidity to the ENA token, a plethora of bullish trends, encompassing increased trading volume, reduced price volatility, increased market depth, etc., add a splash of optimism to the token.

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ENA Price Soars

As of writing, the Ethena token’s price noted a substantial 55.96% uptick in the past 24 hours and is currently trading at $0.9297. Followed by a 55.99% upswing in the token’s market cap and a 228.71% upsurge in the 24-hour trading volume, ENA further anchored its positioning with bullishness today.

Meanwhile, a staggering 123354.81% surge in the token’s derivatives volume, further escorted by an open interest surge of 8331.30%, prevailed, indicating a strong uptrend for the token in the market.

Also Read: Lithuania Set to Weed Out Crypto Firms, Few Expected to Scale Full Permits

The post Ethena (ENA): Market Maker Amber Group Withdraws 5 Mln ENA From Binance appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am