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Wallet Linked to Ethena Labs Withdraws $96M ENA from Exchanges
12/02/2025, 05:36
AI SUMMARY
●Wallet linked to Ethena Labs withdraws over $96 million in ENA since early November
●Recent activity includes a 25 million ENA withdrawal from Bybit
●Movement indicates a significant transfer of supply off centralized exchanges
A wallet associated with Ethena Labs has withdrawn approximately 405.15 million ENA tokens, valued at over $96 million, from Bybit and Coinbase Prime since November 7. The most recent transaction involved a withdrawal of 25 million ENA ($6 million) from Bybit. These large-scale withdrawals suggest a shift from exchange liquidity to custody or on-chain utilization.