Ethena-linked addresses move 19M ENA to Bybit, may be selling

This transfer pattern suggests early project-linked holders are taking advantage of recent price strength to realize gains, which could signal distribution pressure. The movement from a long-dormant multisig to an exchange is often read as a precursor to selling. For the market, the key question is whether this is a one-off profit-taking event or the start of broader unwinding by early stakeholders. Watch for further large transfers from project wallets or sustained exchange inflows, as those would indicate continued selling intent rather than a single tactical move.