Two Ethena-linked addresses deposit $3.29M in ENA to Bybit

Two addresses believed to be linked to the Ethena project deposited 19 million ENA worth $3.29 million to Bybit over the past 15 hours, according to on-chain analyst @ai_9684xtpa. Exchange deposits are typically interpreted as being intended for selling. The two addresses had received ENA from an Ethena multisig address around two years ago and had shown little activity before recently starting to move funds to exchanges. As a result, the total value of ENA transferred by Ethena-linked addresses to exchanges over the past three days has risen to $6.75 million.