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Ethena Labs Reportedly Withdraws $34M in ENA from Exchanges
11/26/2025, 07:07
AI SUMMARY
●• Ethena Labs suspected of withdrawing $34M ENA from CEXs
●• Funds moved from Coinbase and Bybit to new wallets
●• Movements involve over 100 million ENA tokens
On-chain data indicates that Ethena Labs has withdrawn approximately $34.15 million worth of ENA tokens from centralized exchanges. The funds were moved from Coinbase Prime and Bybit to newly created wallets.
A specific wallet, "0xa19," received over 105 million ENA from Coinbase, while another address facilitated withdrawals from Bybit. These significant outflows from exchanges suggest a shift in custody or treasury management strategy by the project.
Such movements are often analyzed by the market for implications regarding token supply lock-ups, staking initiatives, or simply moving assets to self-custody solutions.