Ethena Labs deposits 18.36M ENA to Bybit; prior Gate withdrawal and staking flows noted
Ethena Labs moved 18.36 million ENA (≈US$3.75M) to exchange Bybit, according to on-chain monitoring by Onchain Lens. This transfer follows earlier treasury activity: two years ago Ethena withdrew 34.65 million ENA from Gate (then ≈US$28.25M) and later received about 3.38 million ENA as staking rewards. Ethena still holds roughly 20.118 million ENA (≈US$4.23M) in liquidity pools. The net effect is a reallocation of ENA between wallets, liquidity pools and exchange custody, increasing exchange-side supply that could raise short-term sell-side pressure. Traders should monitor on-chain flows, Bybit order books and traded volumes for signs of increased sell liquidity or sudden market moves. Primary keywords: ENA, Ethena Labs, Bybit, on-chain transfer, liquidity.
Bearish
The transfer of 18.36M ENA to Bybit increases exchange-custodied supply, which typically raises near-term sell-side pressure for the token. Combined with Ethena’s history of large withdrawals (34.65M from Gate) and ongoing reallocation between liquidity pools and exchanges, the event signals active treasury management that can quickly change exchange order-book depth. Short-term impact: likely bearish — higher available sell liquidity on Bybit could amplify downward moves if market demand is thin. Medium/long-term impact: neutral-to-mixed — if transfers are for market making or liquidity provisioning rather than immediate sell intent, price pressure may be temporary; sustained bearishness would require repeated exchange deposits or realized selling. Traders should watch on-chain flows, Bybit order-book depth, trade volumes and any disclosures from Ethena Labs or exchanges to refine directional bias.