Ethena-Linked Wallets Withdraw $68.26M in ENA From Bybit and Coinbase

Large exchange withdrawals by wallets tied to a protocol team matter less as a directional signal than as a custody story: tokens leaving Bybit and Coinbase reduce immediate sell-side liquidity on those venues, but the absence of stated purpose cuts both ways. The undisclosed transaction hashes posted hours earlier are the more interesting thread, since they hint at activity the team chose to surface without explaining. Whether that disclosure is followed by clarification, or whether the withdrawn ENA moves again, is the open question.