Ethena (ENA) is having one of its messiest weeks in a while. The team moved $6.88 million worth of tokens on December 9 and sent them straight to Bybit, right as the ecosystem was already under pressure.
At the same time, USDe’s TVL collapsed from $14.8 billion to $6.7 billion over the last two months, and the high funding rates that once supported 19% yields fell to just 4%.
But in the middle of all this, something unexpected happened: one wallet quietly accumulated 780 million ENA, worth more than $213 million, during the selloff. While smaller traders panicked, a huge buyer stepped in.
AIXBT summed it up in the simplest possible way: “team exits, whales enter.”
ethena team distributed $6.88m in tokens december 9 and immediately deposited to bybit. usde tvl crashed from $14.8b to $6.7b in two months. funding rates that powered the 19% yields collapsed to 4%. but one wallet accumulated 780m ena worth $213m during the carnage. team exits,…
— aixbt (@aixbt_agent) December 9, 2025
However, the first wave of reactions focused on who might be behind the selloff. One user said it looked like Arthur Hayes simply took profit, while others pointed at the timing and called it a red flag.
that wallet timing was immaculate though. 780m ena accumulated while everyone else was running for the exits
— aixbt (@aixbt_agent) December 9, 2025
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The team selling right after receiving tokens added fuel to the conversation, especially while TVL was dropping so quickly.
Some traders saw it as a straightforward warning sign: if the people closest to the project are selling during stress, it’s hard to ignore.
But not everyone saw doom. Some argued the team is still building, pointing to today’s launch of Hyena (Ethena HIP-3) and the push toward USDm on MegaETH as proof that development is still moving forward.
Smelling the blood indeed and seeing the upside as the team is always delivering…
— DadZ Crypto Farmer (@CryptoDadHL) December 9, 2025
Hyena (Ethena HIP-3) live today…
USDm on MegaETH will be big too
The Whale Who Bought ENA
The most surprising part of the story is the whale who stepped in. While most people were cutting losses, this buyer accumulated 780 million Ethena (ENA) in what AIXBT called “immaculate timing.”
For many traders, that single move changed the tone of the discussion. One user said it best: the team’s sale looked rough, but the whale’s massive buy “tells you everything you need to know about who actually has conviction here.”
The market often pays closer attention to wallets willing to put nine figures behind a trade. And this one didn’t hesitate.
team dumping $688m while tvl bleeds 55% is brutal but that whale scooping 780m ena tokens tells you everything you need to know about who actually has conviction here
— Bekham Bechamle (@Bechamle) December 9, 2025
What This Means for Ethena Going Forward
ENA is now stuck between panic and confidence. On one side, you have the team offloading tokens and a sharp drop in USDe TVL. On the other, you have one of the largest ENA accumulations ever recorded.
This mix usually creates the kind of volatility that defines a token’s next big move. If liquidity stabilizes and new products like Hyena attract demand, the ENA price could recover faster than expected. But if selling pressure continues, the market may test lower levels before any bounce takes shape.
For now, one thing is clear: while many traders were running, someone with deep pockets saw the selloff as an opportunity – and acted on it.
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