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Aave Creator's OTC ENA Transaction: Strategic Liquidity Play or Potential Market Hazard?

Aave Creator's OTC ENA Transaction: Strategic Liquidity Play or Potential Market Hazard?

Bitget-RWA2025/09/27 01:30
By:Coin World

- 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

Aave Creator's OTC ENA Transaction: Strategic Liquidity Play or Potential Market Hazard? image 0

Stani Kulechov, the founder of Aave, has transferred 4 million

tokens to an over-the-counter (OTC) trading venue, according to blockchain monitoring data referenced by analytics provider Lookonchain. This transaction, worth about $2.25 million at current prices, has attracted attention due to its size and the possible effects it could have on Ethena’s (ENA) market activity. The move comes amid heightened volatility for ENA, which recently experienced a $106 million token unlock in early August Ethena’s $106M Unlock: Aave Risks and Market Impact [ 1 ] and ongoing debate about its dependence on for managing liquidity Ethena drops after $106M unlock, Aave risk raises concern [ 2 ].

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

, it also introduces systemic vulnerabilities. Aave currently holds more than 55% of USDe’s collateral, valued at $4.7 billion, using a rehypothecation model that overlaps lending and stablecoin backing Ethena’s $106M Unlock: Aave Risks and Market Impact [ 1 ]. Risk experts caution that a rapid deleveraging—such as widespread redemptions or a loss of confidence in USDe—could spark a liquidity crisis impacting both Aave and Ethena Ethena drops after $106M unlock, Aave risk raises concern [ 2 ].

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

as it deals with token unlocks, liquidity reliance, and shifting market sentiment. Although partnerships with firms like Anchorage Digital and integration with Aave showcase growth prospects Full List of Solana ETFs Awaiting SEC Approval: Dates … [ 4 ], the exposure to Aave remains a significant risk. Investors should keep an eye on both blockchain activity and regulatory news, especially as the crypto sector anticipates possible ETF approvals for and products.

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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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