Ethena: Linked Wallet Deposits 14M ENA to Bybit

Ethena project-linked wallet 0x89105d5d86854Bfb953408aFD6eFde1bB65e4041 moved its full 14 million ENA holdings to Bybit six hours ago, realizing a 65% drawdown from the July 2024 multisig transfer that valued the position at $6.89 million. The deposit leaves the address with $2.41 million, down $4.48 million from receipt and more than $8.735 million from peak valuation. On the 4h chart ENA trades at $0.17 inside the Bollinger band with upper resistance at $0.17 and lower support at $0.14; the EMA50 at $0.16 continues to act as immediate structural support while the EMA200 at $0.13 anchors the longer-term bullish trend, and the MACD golden cross at 0.0 alongside neutral RSI at 57.15 suggests momentum remains intact absent a decisive break of the 50-EMA. Traders tracking ENA price prediction models now weigh whether this distribution accelerates downside toward the $0.14 band before any retest of upper resistance. The move arrives amid broader crypto market consolidation where large unlocks continue to test liquidity depth across major venues.