YZi Labs Sells $37.8M ENA While Maven 11 Capital Buys $21.3M

The market for Ethena’s ENA token is showing some interesting moves. On-chain data reveals that YZi Labs is believed to be tied to Binance Labs. It has sold a large amount of ENA over the past three weeks. At the same time, Maven 11 Capital, a digital asset investment firm, has been buying millions of tokens. These opposite strategies highlight the different approaches that major players are taking toward ENA in September. 

According to blockchain records, YZi Labs deposited 54 million ENA tokens to Binance in the past three weeks. The tokens were worth about $37.8 million at current market prices. This is not a complete exit, though. Even after these transfers, YZi Labs still holds 321 million ENA, valued at around $218 million.

YZi Labs Heavy Selling

The sales appear to be part of a broader strategy rather than a full-scale dump. YZi Labs portfolio remains heavily concentrated in ENA. It shows that it still sees value in the token. The deposits suggest a focus on liquidity, possibly to secure profits after earlier price gains. Alternatively, to manage portfolio risk more carefully. ENA is currently trading near $0.68, giving the project a large market capitalization and strong trading volumes across major exchanges. For a fund the size of YZi Labs, shifting tens of millions of dollars in ENA is significant. But still leaves it as one of the token’s largest holders.

Maven 11 Steps In as Buyer

While YZi Labs is reducing its exposure, Maven 11 Capital has gone the other way. In just two days, Maven 11 withdrew 30.08 million ENA from Binance. These tokens are worth about $21.3 million. On-chain data shows Maven 11’s ENA balance now stands at 4.03 million ENA in one wallet. Alongside small amounts of other tokens like USDC, ETH, BNB, and ARB. The firm’s recent large withdrawals suggest a strong conviction that ENA will gain value in the medium to long term.

The move also positions Maven 11 as an active participant in the ENA market. The contrast between its purchases and YZi Labs sales highlights how investors can see the same asset differently. For one, ENA is a source of profits to lock in. For the other, it is an opportunity to accumulate at current levels.

What It Means for ENA

Large token movements often affect sentiment around a project. Traders watch how institutions position themselves to get signals about future price direction. YZi Labs deposits raised eyebrows because of the size. But its continued $218 million stake shows it is not walking away. Maven 11’s buying may help balance the selling pressure. If other funds follow a similar path, ENA could find stronger support in the market. 

On the other hand, if YZi Labs continues to send tokens to exchanges. The selling could weigh on prices. The activity also underlines the growing role of institutional players in DeFi tokens like ENA. Retail traders remain active. But large transactions increasingly come from professional funds with different strategies and risk management approaches.

Outlook

The next few weeks may show which side has the stronger hand. If YZi Labs sales continue, short-term price pressure is possible. If Maven 11 and other funds absorb the supply, ENA could stabilize and even climb. What is clear is that ENA is now firmly on the radar of top crypto funds. Movements worth tens of millions of dollars show that it is no longer a small project flying under the radar. 

Instead, ENA is a token where institutional behavior may shape the market as much as retail enthusiasm. Currently, YZi Labs remains the heavyweight with a $218 million position. While Maven 11 is adding to its exposure. Their different choices highlight the risks and the opportunities of navigating today’s volatile crypto market.