Whale Moves 44M ENA from Coinbase and Stakes All

The full withdrawal and staking of a 44M ENA position signals a deliberate shift from exchange liquidity to long-term protocol commitment, likely reducing immediate sell-side pressure. This aligns with broader attention on Ethena's yield-bearing design, but the key question is whether this is a one-off accumulation or the start of a trend among large holders. For market watchers, the durability of staking incentives and protocol yield sustainability will determine if such conviction is rewarded, not the whale's action alone.