Ethena-Linked Gnosis Safe Pulls 117.58M ENA Worth $27.96M From Bybit in 9 Hours

Large, sustained withdrawals of a project's own token from a centralized exchange by an entity tied to its issuer are worth noting because they shift where supply sits rather than changing how much exists. The pattern here is accumulation into self-custody over a short window, which can read as either treasury management or preparation for distribution. What matters next is whether the wallet moves those tokens onward, and whether similar flows from other Ethena-linked addresses follow.