Large crypto investors have been active this week, with the focus shifting to Ethena (ENA). Blockchain data reveals a multisig wallet linked to Ethena founder Guy Young withdrawing $20.4 million worth of ENA from Binance and Bybit in the past three days. This activity has fueled speculation about treasury management or staking preparations. Some traders believe these transactions could be part of an upcoming ecosystem expansion, while others speculate on strategic accumulation. 12% jump in market capitalization for ENA, now valued at over $3.2 billion and USDe’s circulating supply exceeding $12 billion, highlights the bullish sentiment surrounding Ethena. 12% jump for ENA and a surge in USDe’s circulating supply suggest further integrations or liquidity events could be on the horizon, solidifying Ethena as a standout project this quarter. Meanwhile, Chainlink (LINK) and PEPE saw whale activity too. A newly activated address pulled out $12.5 million worth of LINK from Binance, likely a long-term holding accumulation. Conversely, the meme coin giant PEPE saw a large holder sell 2.23 billion tokens after 100 days, realizing a $1 million loss, suggesting a strategic shift away from high-volatility tokens. As these whales reshuffle their portfolios, analysts suggest it might signal a sector rotation within DeFi, as capital shifts from meme coins to protocols that offer real yield, utility, or liquidity depth.