Ethena Labs deposited 18.4 million ENA worth $3.8 million into Bybit .

Ethena Labs has deposited 18.36 million ENA (worth $3.75 million) into Bybit, according to on-chain tracking data from Onchain Lens.

This move comes amid historical evidence showing that Ethena Labs previously withdrew large amounts of ENA from Gate and received additional Staking rewards, while still holding ENA in its liquidity pool.

New transaction: Ethena Labs deposits ENA onto Bybit.

Onchain Lens noted that Ethena Labs deposited 18.36 million ENA, worth approximately $3.75 million, into the Bybit exchange.

This is an exchange deposit transaction, which is often closely monitored by the market as it may relate to liquidation needs or preparation for trading activity. The information was released on December 20th.

The corresponding transaction value shows that the ENA valuation at the time of deposit was significantly lower than previous ENA withdrawal history, reflecting price fluctuations over time. The record does not provide further details about the purpose of the deposit or subsequent activity on Bybit.

Holding history: Withdrawal from Gate, Staking received, liquidity pool remains.

Two years ago, Ethena Labs withdrew 34.65 million ENA ($28.25 million) from Gate and received an additional 3.38 million ENA ($1.32 million) from Staking rewards.

Following these developments, Ethena Labs still holds 20.118 million ENA, estimated at $4.23 million, in its liquidity pool. This figure indicates that a significant amount of ENA remains in its liquidation pool.

A quick comparison of the figures: 34.65 million ENA were withdrawn from Gate, 18.36 million ENA were recently deposited into Bybit , and 20.118 million ENA are currently in the liquidity pool. The original data does not specify wallet addresses, the exact time of each transaction in hours, or the transfer steps between wallets/exchanges.