Ethena-linked wallet pulls $28M in ENA from Bybit ahead of unlock shift

A multisig wallet tied to Ethena moved 117.58 million ENA, worth roughly $28 million, out of Bybit into a Gnosis Safe. The biggest single leg reached 62.58 million tokens and took place over nine hours on October 4.

The transfer came one day before an accelerated unlock for early investors begins. Starting October 5 the monthly vesting schedule gives way to a single larger release. The withdrawal itself does not signal a purchase or the start of any buyback program.

Roughly 10.095 billion ENA are now circulating out of a 15 billion cap. At around $0.24 per token the project’s market value sits near $2.4 billion, so the withdrawn amount equals about 1.16 % of the float.

The change in vesting terms was agreed on August 27 after talks between Ethena Foundation and major holders. A filing by StablecoinX also lists October 5 as the date when the new, faster schedule takes effect.

Based on information from https://cryptonews.net