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An address estimated to be linked to the Ethena project deposited its entire 14 million ENA holdings to Bybit about six hours ago after holding them for roughly two years, on-chain analyst @ai_9684xtpa said on X. Exchange deposits are typically interpreted as a sign of intent to sell.
The address had received ENA worth $6.89 million at the time from an Ethena multisig address in July 2024. The holdings are now worth about $2.41 million, down $4.48 million, or around 65%, from the value at receipt.