Large-scale on-chain movements have reignited speculation across the crypto market after millions of dollars’ worth of tokens shifted between major exchanges and private wallets this week.
The most notable transactions appear tied to Ethena, where blockchain trackers identified a multisig wallet linked to the project’s founder, Guy Young, quietly accumulating assets. Over the past three days, the wallet withdrew 48 million ENA from Binance and Bybit, an amount valued at roughly $20.4 million.
The purpose behind these transfers remains unclear, leaving traders divided over whether the withdrawals suggest internal treasury movements, staking preparations, or strategic positioning ahead of new developments.
ENA and USDe Continue Their Strong Momentum
Even as questions swirl, the market reaction has been decisively bullish. ENA prices spiked 12% in the last 24 hours, driving its market cap above $3.2 billion. Ethena’s synthetic stablecoin, USDe, also continued its steep climb, now boasting over $12 billion in circulating supply.
Analysts say the coordinated withdrawals could hint at upcoming liquidity events or platform integrations, especially as Ethena expands its ecosystem. The project’s growth trajectory has made it one of the standout stories in decentralized finance this quarter.
LINK and PEPE Also See Whale Action
Beyond Ethena, whale wallets were active elsewhere in the market. A newly created address moved 744,604 Chainlink (LINK) — worth around $12.5 million — off Binance, signaling accumulation by a potential long-term holder.
In contrast, another whale took losses in the meme coin space. After holding 2.227 billion PEPE for roughly 100 days, the investor sold the position for 394 ETH (about $1.5 million) — roughly $1 million below cost basis. The proceeds were then converted into 147 million USDT and sent to Aster, a decentralized trading platform, in what appears to be an effort to reposition capital into other assets.
A Spike in Whale Activity
On-chain analysts note that such concentrated activity across multiple assets often coincides with rising volatility and shifting sentiment. With ENA and USDe gaining traction and LINK showing renewed whale interest, traders are closely watching whether these moves represent preparation for a larger trend or isolated portfolio rotations.
Regardless of motive, the data points to one clear conclusion: whales are back in motion, and Ethena’s network sits at the center of this latest wave.
