On August 27, on-chain analyst ai_9684xtpa flagged a wallet attributed to venture firm Hack VC that moved 21.85 million ENA, worth nearly $3 million, through intermediary hops to a Wintermute deposit address about four hours earlier, when ENA traded at $0.1478. The Hack VC link is an analyst attribution that has not been independently verified. The transfer coincided with ENA’s sharp rebound—about 56.8% over the prior week and 78.2% over the prior month, near $0.15—yet the token remained nearly 90% below its April 2024 all-time high of $1.52. At roughly $3 million versus ENA’s $1.44 billion market cap and $507.85 million daily volume, the size is small; traders are watching timing and the OTC venue more than notional impact. Ethena’s USDe-focused protocol held $4.485 billion TVL and a $2.195 billion fully diluted valuation, while monthly investor unlocks since early 2025 and a recent $120 million Ceffu custody outflow form the wider supply backdrop.