đš $ENA TEAM IS MOVING TOKENS OFF EXCHANGES
A major wallet flow just caught my attention.
Over the past 24 hours, roughly 117.58M $ENA was withdrawn from Bybit and moved back to an Ethena-linked Gnosis Safe.
That wallet now holds around $69M worth of $ENA, including staked tokens. đ
Why does the timing matter?
The fundamental narrative around $ENA is getting stronger too.
đ Standard Chartered recently initiated coverage with a $2 ENA target by 2028, based partly on a scenario where USDe grows toward $40B.
And Ethenaâs revenue-funded buyback mechanism could become increasingly significant as USDe supply expands.
Under Ethenaâs assumptions, $25B USDe supply could translate to roughly $375M in annual ENA buybacks.
Large exchange outflows + growing fundamentals = definitely worth watching.
Not necessarily bullish by itself, but this is the kind of flow Iâd keep on the radar. đ
A major wallet flow just caught my attention.
Over the past 24 hours, roughly 117.58M $ENA was withdrawn from Bybit and moved back to an Ethena-linked Gnosis Safe.
That wallet now holds around $69M worth of $ENA, including staked tokens. đ
Why does the timing matter?
The fundamental narrative around $ENA is getting stronger too.
đ Standard Chartered recently initiated coverage with a $2 ENA target by 2028, based partly on a scenario where USDe grows toward $40B.
And Ethenaâs revenue-funded buyback mechanism could become increasingly significant as USDe supply expands.
Under Ethenaâs assumptions, $25B USDe supply could translate to roughly $375M in annual ENA buybacks.
Large exchange outflows + growing fundamentals = definitely worth watching.
Not necessarily bullish by itself, but this is the kind of flow Iâd keep on the radar. đ
