According to CoinMeta, an address with the ID 0xf5c…7a191 topped up Binance with 18.91 million ENA, worth approximately $2.7 million. This address received these tokens from Ethena to proxy contracts between February and November 2026, at a time when the coin price was $0.1772 per token. Since then, the price has dropped to $0.1432, representing a reduction of over 19%. The address transfers ENA to exchanges at regular intervals, which may be related to the unlocking process for the team, institutions, or relevant parties.