Coinbase recently added Ethena Labs' token ENA to its supported assets, a move that surprised some given the project's size and timing. This listing coincides with Circle's IPO, raising speculation about a possible easing of Coinbase's token listing policies. Following the announcement, several large transactions involving ENA tokens were observed. A whale with the address 0xEe6...8d6C5 transferred 6.39 million ENA tokens, valued at approximately $2.16 million, to Binance, potentially signaling a sell-off. Another whale, 0x41Fc, moved 17 million ENA tokens worth around $5.41 million to exchanges including Binance, Bybit, and Gate.io via Flowdesk. Additionally, a high-volume decentralized exchange trader sent 1.31 million ENA tokens (around $403,000) to Binance amid a 12% decline in ENA's price over 24 hours, indicating mounting sell pressure. Most notably, Mirana Ventures, an investor from Ethena's seed round, withdrew 68.14 million ENA tokens and subsequently deposited 72.17 million ENA tokens valued at $21.44 million into Binance. This large deposit was followed by an 8% short-term drop in ENA's price from $0.31 to $0.285, with the current price around $0.29. These movements reflect heightened trading activity and volatility in ENA following Coinbase's listing.