Anchorage Digital-linked wallet moves 100M ENA to Coinbase

Large exchange inflows from a custody-linked wallet are usually read as a potential prelude to selling, though custody transfers can just as easily reflect client instructions or internal rebalancing, and the on-chain trail alone cannot distinguish between them. The detail that matters is the remaining position: the wallet still holds meaningful MORPHO and SKY exposure, so this looks more like rotation within a portfolio than an exit. Whether further ENA keeps moving to exchanges, and whether the MORPHO and SKY balances follow, is the open question worth watching.