ENA whale transfers out $3.95 million, just after the 171 million tokens unlock wave

According to the latest news, at 08:49 on January 7, 2026, Beijing time, 15,541,000 ENA (worth approximately $3.95 million) were transferred from the exchange FalconX to an anonymous address. This transaction appears routine, but its timing is noteworthy—it occurred exactly 48 hours after ENA experienced a large unlock, just as market expectations for unlocking-related selling pressure were intensifying.

Core Transaction Data

Based on Arkham on-chain data, this transfer has several obvious features:

• Transfer Size: 15,541,000 ENA, valued at approximately $3.95 million at the current price of $0.253946
• Sender: FalconX (exchange or market maker)
• Recipient: Anonymous address (starting with 0xF046), identity unknown
• Timestamp: 2026-01-07 08:49 (just occurred)

This transaction’s size accounts for about 0.2% of ENA’s circulating supply, making it a medium-sized whale movement in a single transfer.

Significance of Timing

The sensitivity of this transfer lies in its timing. According to recent information, ENA underwent a large unlock event on January 5:

Large unlocks typically heighten market expectations of selling pressure. FalconX’s transfer occurred two days after the unlock, possibly indicating the exchange’s response to market liquidity adjustments following the unlock.

Chain Reaction Risks on Market Impact

Analysis of related information suggests that this large ENA transfer may have a linked effect with Bitcoin. ENA’s correlation with BTC is 0.68, meaning ENA’s price fluctuations could directly influence leverage positions across the DeFi ecosystem.

Potential transmission pathway:

• Step 1: ENA faces selling pressure due to the unlock wave, leading to a significant price drop
• Step 2: The decline triggers liquidations of leveraged positions in DeFi protocols
• Step 3: The chain reaction from liquidations affects the peg of stablecoins like USDe
• Step 4: Market risk appetite decreases, leading institutions to sell BTC to hedge risks

Such chain reactions have historical precedents. According to reports, during the Lido token unlock in September 2025, ETH dropped 12% in a single day, with BTC falling 7%.

Current Market Conditions

ENA is currently in a relatively fragile state:

Price Performance

• Current price: $0.253946
• 7-day increase: +25.24% (short-term rally)
• 24-hour change: +1.92% (recent adjustment)
• Market cap rank: 42nd, with a valuation of $202 million

Market Liquidity

• 24-hour trading volume: $302 million
• Trading volume as a percentage of market cap: approximately 14.9%, indicating moderate liquidity

This suggests that in a scenario with limited trading volume, large sell orders could have a more pronounced impact on the price.

Key Details to Watch

This transaction raises several points worth monitoring:

Identity of the recipient address

Anonymous addresses could be either: a) a cold wallet held by the trader, or b) a decentralized exchange or other DeFi protocol. Currently, it’s impossible to determine from public info, but subsequent on-chain activity may provide clues.

Intent behind the transfer timing

A transfer from FalconX usually indicates either: 1) the holder is preparing for long-term holding (moving to cold storage), or 2) preparing to trade through other channels. Given the context of the unlock wave, this transfer might reflect market participants adjusting their risk exposure.

Future market reactions

A key focus is ENA’s price movement over the next 24 hours. If the decline exceeds 15%, historical data suggests BTC could also come under pressure simultaneously.

Summary

While the amount involved in this whale transfer of ENA isn’t particularly large, its timing warrants attention. It occurred right after a major unlock and during rising market expectations of selling pressure, possibly signaling active risk adjustment by market participants. Considering ENA’s high correlation with BTC and the potential chain reaction from DeFi leverage liquidations, the impact of this transaction could surpass what the surface data indicates. Close monitoring of ENA’s price trend and whether it triggers broader market risks is essential moving forward.