A newly identified on-chain address has built a $4.91 million position in Ethena (ENA), acquiring 18.84 million tokens at an average withdrawal price of $0.2607. The accumulation was flagged by on-chain analyst Ai Yi, highlighting significant activity from the wallet designated 0xc64…fC770. The large-scale purchase coincides with strong price momentum for the asset. ENA has appreciated 56% over the past month, suggesting the new position was established during a period of sustained upward market performance.