A large crypto wallet linked to the Ethena Labs project has made a significant investment, purchasing 25 million ENA tokens worth approximately $76.46 million directly from Bybit. This purchase raises speculation about Ethena Labs’ involvement and potential long-term strategy for the project. The wallet now holds an impressive 285.15 million ENA tokens, a testament to the growing confidence in the Ethena ecosystem. On-chain analysis suggests this activity aligns with patterns observed in team or early investor wallets, potentially indicating the involvement of Ethena Labs itself. This accumulation trend is seen as positive by market observers, signaling long-term faith in the project’s potential and anticipating further developments like product updates, listings, or strategic collaborations.