Massive ENA Token Movement Sparks Market Speculation

Ethena Labs’ recent withdrawal of 25 million ENA tokens from Bybit has triggered significant interest in the cryptocurrency market. This strategic move, valued at approximately $7.05 million, highlights a shift in how projects manage their native tokens and indicates potential future developments for the ENA token. Analysis of on-chain data reveals that Ethena Labs now holds an impressive 355.15 million ENA tokens, suggesting they possess considerable control over the token’s circulating supply. This withdrawal has fueled discussion about its impact on the broader cryptocurrency market.