An address estimated to be linked to the Ethena project deposited all 14 million ENA it held into Bybit about six hours ago after holding the tokens for roughly two years. On-chain analyst @ai_9684xtpa identified the transfer on X. The tokens came from an Ethena multisig address in July 2024, when they were worth $6.89 million and ENA traded at $0.4928. They are now valued at about $2.41 million, a decline of $4.48 million, or roughly 65%, from their value at receipt and more than $8.735 million below their peak value. Deposits to exchanges are typically viewed as a potential indication of an intention to sell, though no sale was reported.