Ethena-Linked Wallets Move Millions in ENA
Wallets suspected of being linked to Ethena have made large ENA transfers involving centralised exchanges. Since 3 September, the wallets reportedly deposited about $6.75 million worth of ENA, including 19 million ENA worth roughly $3.29 million sent to Bybit. More recently, blockchain data showed withdrawals worth about $68.26 million: approximately $13.1 million from Bybit and $55.16 million from Coinbase. The wallets reportedly received ENA from an Ethena multisignature address about two years ago and had remained inactive until the latest activity. Ethena later posted transaction hashes on X but did not explain the purpose of the transfers. Traders should monitor whether the withdrawn ENA moves to staking, treasury or operational wallets, or returns to exchanges. Exchange inflows could increase selling pressure, while sustained outflows could reduce available liquidity and support short-term sentiment. Wallet ownership and the transfers’ intentions remain unconfirmed.
Neutral
The immediate price impact on ENA is mixed. Earlier deposits of ENA to Bybit suggested potential selling pressure, particularly because the wallets had been inactive for about two years and began moving tokens after ENA’s price rose. The later withdrawals of roughly $68.26 million from Bybit and Coinbase could reduce exchange liquidity and may be interpreted as bullish if the tokens are moved to staking, treasury or operational wallets. However, large withdrawals do not prove long-term accumulation, and the tokens could later return to exchanges or be used for sales elsewhere. The wallet attribution is also unconfirmed, while the contrasting inflow and outflow data make the overall signal difficult to establish. In the short term, traders may react to exchange balances, ENA price momentum and further wallet activity, potentially increasing volatility. Over the longer term, the impact will depend on whether the tokens remain off exchanges and whether Ethena provides a clear explanation. Therefore, the most appropriate classification for ENA is neutral.