Ethena Labs Withdraws $7.1M in ENA from Bybit as Project Focuses on Regulated Stablecoin Growth and 2026 Roadmap

A wallet address suspected to belong to Ethena Labs has withdrawn $7.1 million worth of ENA tokens (25 million tokens) from the Bybit exchange. The transaction, tracked by blockchain analytics platform Onchain Lens, was executed by an address beginning with 0x631e. This address now holds a total of 779.89 million ENA tokens valued at approximately $270 million, representing a significant portion of the token's circulating supply.

Analysts interpret such a large withdrawal from an exchange as a potential signal of reduced immediate selling pressure or preparation for long-term holding, incentives, or future ecosystem developments. This move coincides with Ethena's strategic push into the regulated stablecoin market through its partnership with Anchorage, which now supports a GENIUS-compliant version of its synthetic dollar, USDtb. This opens doors for institutional use cases like settlements and treasury management.

Furthermore, ENA received a boost from traditional markets with 21Shares launching a regulated Exchange-Traded Product (ETP) for the token. The project's roadmap for 2026 focuses on key utility drivers: activating a fee switch to direct a portion of protocol revenue to ENA stakers, expanding its USDe stablecoin, and laying the groundwork for a potential "Ethena Chain."

However, the token faces challenges. The ENA price, currently around $0.2745, remains in a wide downtrend channel with fragile structure, needing to reclaim the $0.35 level to break the pattern of lower highs. Additionally, token unlocks scheduled throughout 2026 could exert selling pressure if market demand does not keep pace.

The long-term value proposition for ENA is heavily tied to the growth of USDe and the successful activation of the fee switch, which would transform ENA into a yield-bearing asset. Analysts project that 100 ENA tokens could be worth anywhere from $25-$40 in a weak market scenario to $180-$300 or more in a strong adoption scenario by 2026, depending on these fundamental drivers.