Large crypto investors have sprung into action again, with Ethena (ENA) emerging as the week’s biggest focus. Blockchain data shows a multisig wallet linked to Ethena founder Guy Young withdrawing 48 million ENA, valued at roughly $20.4 million, from Binance and Bybit over the past three days.
The motive behind these moves remains uncertain, fueling debate among traders. Some believe the transactions reflect treasury management or staking preparations, while others suspect strategic accumulation ahead of a possible ecosystem expansion.
ENA and USDe Extend Their Rally
Despite the speculation, market sentiment has turned sharply bullish. ENA jumped 12% in 24 hours, pushing its market capitalization beyond $3.2 billion. Meanwhile, Ethena’s synthetic stablecoin, USDe, has surpassed $12 billion in circulating supply, cementing its position as one of DeFi’s fastest-growing assets. Analysts note that these wallet activities could signal upcoming integrations or liquidity events, reinforcing Ethena’s reputation as one of this quarter’s standout projects.
Chainlink and PEPE See Whale Activity
The on-chain wave wasn’t limited to Ethena. A newly activated address withdrew 744,604 LINK, worth about $12.5 million, from Binance, indicating fresh accumulation by a long-term holder.
In contrast, meme coin whales took a hit. One large PEPE holder sold 2.23 billion tokens after holding for 100 days, converting the proceeds, 394 ETH ($1.5M), into 147 million USDT on decentralized trading platform Aster. The move represents a $1 million realized loss, suggesting a strategic shift away from high-volatility tokens.
As whales reshuffle portfolios, analysts say these movements could foreshadow sector rotation within DeFi, with capital cycling out of meme coins and into protocols showing real yield, utility, or liquidity depth.
