An address withdrew 44.19 million ENA from Coinbase four hours earlier and then staked the entire amount with Ethena three hours earlier, according to on-chain analyst Ai Yi, as reported by Odaily. The tokens were valued at $6.82 million. Ai Yi said improving investor sentiment had encouraged whales to regain confidence and resume locking up their holdings. Staking refers to locking tokens in a protocol to participate in its designated rewards or network mechanism.