Hack VC-linked wallet moves $3 million in ENA to Wintermute after 57% rally
On August 27, the on-chain analyst Ai ๅงจ (@ai_9684xtpa) spoke on X about a wallet that is connected to Hack VC, a venture firm, through which 21.85 million ENA worth nearly $3 million were transferred to the Wintermute deposit address.
The timing of this transaction coincided with the fact that the value of ENA has increased by over 57%. It confirms the behavior of investors during price increases: early investors reap profits while the prices are rising through private OTC desks instead of public exchanges.
The amount of $3 million is hardly significant in terms of the worldwide cryptocurrency market. In comparison to ENAโs market capitalization of $1.44 billion and a daily volume of $507.85 million, the amount is insignificant, according to DefiLlama. The time and place of the transaction are much more important to traders than the actual amount. The venture-linked wallet seems to be cutting off its position as it makes its move while using the similar institutional facilities that are increasingly determining the liquidity of altcoins.
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