Ethena-linked wallet withdraws $27.96M in ENA tokens from Bybit over 9 hours.
Ecosystem ·
An Ethena-linked Gnosis Safe executed a series of token withdrawals from Bybit, moving 117.58 million ENA tokens worth $27.96 million over a nine-hour period. Within that window, the wallet pulled 62.58 million ENA ($14.86 million) approximately 37 minutes before the observation was made. The activity can be tracked via the wallet address 0xdeDc15Fa923D4e147875C63C0a97F85F178dfE96.
Large token movements by entities linked to a project often signal shifts in liquidity management or strategic positioning. The scale and timing of these transfers—concentrated within a single trading venue and compressed into hours—may reflect responses to market conditions or internal rebalancing needs, though the precise intent behind the withdrawals remains undisclosed.
No public statement from Ethena or the wallet operator has clarified the reason for the withdrawals or their intended use.