Ethena ENA Whale Holds 451.9M ENA Worth $122M After Bybit Inflow

COINOTAG News reported on December 3 that OnchainLens indicators flag a high‑net‑worth address tied to Ethena Labs receiving a large ENA transfer from Bybit. The block transfer totaled 46.79 million ENA, valued near $12.78 million at current pricing.

Of the incoming stack, roughly 21.79 million ENA (about $5.23 million) originated from funds previously withdrawn by the same entity from Coinbase around three and a half months ago, highlighting a history of internal liquidity moves.

Presently, the entity holds an aggregate of approximately 451.94 million ENA, implying a market value in the neighborhood of $121.8 million based on prevailing quotes. This pattern underscores ongoing concentration around a single ENA wallet and its impact on liquidity dynamics.