ENA was down 16.12% over 24 hours at 8:49 p.m. ET Monday, based on Binance spot pricing.
The move was measured on Binance's ENA/USDT spot market at 5:49 p.m. ET Monday.
The transfer involved 11.64 million ENA tokens from an Ethena Proxy address. Its purpose was unknown.
The USDe synthetic-dollar protocol reached the total over about 34 months, with USDe's market capitalization near $4.8 billion in mid-October.
Transactions worth at least $100,000 have risen in recent weeks, but the data do not show whether the activity reflects selling, accumulation or wallet transfers.
ENA rose 6.25% over 24 hours. Short liquidations totaled $340,000 across Binance, Bybit and OKX during the same hour.
ether.fi is building its own dollar on Ethena's whitelabel platform, with Ethena taking on reserves, issuance and redemption. ENA is down 11.6 percent over the week, and the promised buyback stays locked until USDe reaches $7.5 billion.
ENA fell from $0.2161 over four hours, while long liquidations reached $560,000 in the same one-hour period.
ENA traded near $0.219 on Oct. 8, down 6.57% in 24 hours, while protocol net withdrawals reached their highest level since July.
Capital is leaving the protocol as ENA weakens. What would persuade buyers to step in?
ENA fell from nearly $0.29 in late September to $0.2235, while USDe supply rose 20.5% to $4.91 billion by Sept. 29.
ENA jumped after Coinbase Ventures revealed an open-market buy tied to a Coinbase-Ethena distribution deal, signaling stronger conviction and support.