Ethena-linked address deposits $2.4M worth of ENA to Bybit

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.