According to @OnchainLens, Blockchain Capital withdrew 1.13M UNI worth approximately $6.48M from Bybit, Binance, and OKX over the last 6 hours (source: @OnchainLens; data: Nansen). The receiving wallet now holds 1.92M UNI valued around $10.88M at the time of reporting (source: @OnchainLens; data: Nansen). The figures imply an average reference value of about $5.73 per UNI for the withdrawn amount, based on the values provided by the source (source: @OnchainLens; data: Nansen). The address cited is 0xb5E4d21240e9356caFc3a1261d10383f62DFc24e, which the source attributes to Blockchain Capital activity (source: @OnchainLens; data: Nansen).

According to @OnchainDataNerd, wallet 0xc97 deposited 8.4M ENA worth approximately $2.42M to Binance and Bybit about 7 hours ago, with those ENA originally transferred five months earlier; source: The Data Nerd (@OnchainDataNerd), Dec 10, 2025. Exchange inflows increase the amount of tokens available to trade on centralized exchanges and are commonly monitored for potential sell-side liquidity and short-term volatility; source: Binance Academy, on-chain data and exchange flows. Traders tracking ENA may watch spot order books and derivatives funding on Binance and Bybit around the deposited size for liquidity shifts during U.S. and Asia sessions; source: Binance Academy.

According to @lookonchain, wallet 0xb5E4 withdrew 823,368 UNI (about $4.72M) from Binance and Bybit in the past 5 hours and now holds 1.61M UNI (about $9.1M), with the holdings and transfers viewable via Arkham Intelligence’s address explorer. According to @lookonchain, these transactions are framed as institutional accumulation of UNI, and the cited Arkham Intelligence page is provided as the on-chain source for verification.

According to @0xRyze, funding rates transfer payments between longs and shorts to keep perpetual futures aligned with spot, with positive funding meaning longs pay and negative funding meaning shorts pay, source: @0xRyze. The funding payment is calculated as Position Size times Oracle Price times Funding Rate, source: @0xRyze. Payments occur hourly on Hyperliquid and every eight hours on major centralized exchanges including Binance and Bybit, source: @0xRyze. In the ETH example where spot is 3000 dollars and the perp trades at 3030 dollars, a simple estimate of the funding rate is perp minus spot divided by spot which is about one percent, so a long of ten ETH would pay 300 dollars to shorts, prompting longs to close and shorts to add until the perp converges to spot, source: @0xRyze. Conversely, when the perp trades below spot the funding turns negative so shorts pay longs, encouraging shorts to close and longs to open which pushes the perp back up toward spot, source: @0xRyze. Trading implications include holding costs where an hourly funding of zero point zero one percent equates to about zero point two four percent per day and seven point two percent per month, using extreme positive or negative funding as a leverage sentiment gauge that often precedes reversals, and running basis arbitrage by shorting high positive funding perps while buying spot to collect funding, source: @0xRyze. These dynamics explain why perps track spot and how funding can drive PnL and positioning across crypto markets including ETH, source: @0xRyze.

According to @lookonchain, a newly created Solana wallet (8TGzUbxoQtfX23j6KqLact9tNLfMWS2Xgipp7qbREuhf) withdrew 499 SOL (about $69.8K) from Bybit and purchased 74.3M TBY in a single transaction on Dec 5, 2025. Source: @lookonchain on X; Solscan https://solscan.io/account/8TGzUbxoQtfX23j6KqLact9tNLfMWS2Xgipp7qbREuhf The implied average acquisition cost is approximately $0.00094 per TBY, calculated from the reported $69.8K outlay for 74.3M tokens. Source: @lookonchain on X This flow shows exchange outflow followed by immediate on-chain accumulation in one transaction, confirming concentrated buying activity in TBY on Solana. Source: @lookonchain on X; Solscan https://solscan.io/account/8TGzUbxoQtfX23j6KqLact9tNLfMWS2Xgipp7qbREuhf

According to @EmberCN, a whale borrowed 5,000 ETH (about $15.66 million) from Aave in the past two hours, sending 4,000 ETH to Binance and 1,044 ETH to Bybit, signaling an intended short via centralized exchange deposits. Source: @EmberCN on X; DeBank wallet debank.com/profile/0xfc09d8c9a63670702c2de876ff95608ab971dcd6. After the ETH hit CEXs, the entity withdrew 12.45 million USDT from Binance roughly 40 minutes later, matching the value of the 4,000 ETH deposit, which the author interprets as the sale likely executed. Source: @EmberCN on X. For trading impact, this reflects at least $12.49 million of spot sell flow on Binance and up to $3.26 million routed to Bybit as reported, levels traders can track against order book liquidity for ETH. Source: @EmberCN on X. Traders can also monitor the DeBank address for loan activity and subsequent ETH or USDT movements to assess if the short is being adjusted. Source: DeBank wallet debank.com/profile/0xfc09d8c9a63670702c2de876ff95608ab971dcd6.

According to @lookonchain, whale wallet CtUBgv has launched the TBY token and it is now listed for trading on Zoomex, enabling immediate exchange access to the new asset; source: @lookonchain (X, Dec 4, 2025). The wallet currently holds 9,159 SOL (about $1.31M) and $1.87M in stablecoins, providing verifiable on-chain balances; source: @lookonchain and Solscan account CtUBgv. The wallet’s first incoming funding originated from Bybit, indicating the address’s initial funding route; source: @lookonchain (X, Dec 4, 2025). Traders can review the address’s transfer history and balances for tracking via Solscan account CtUBgv; source: Solscan account CtUBgv.

According to Lookonchain, wallet 0x631e, labeled as linked to Ethena Labs, withdrew 25M ENA (about $6M) from Bybit approximately three hours ago, source: Lookonchain on X dated Dec 2, 2025. According to Lookonchain, cumulative withdrawals by this wallet have reached 405.15M ENA (about $96.8M) from Bybit and Coinbase Prime since Nov 7, source: Lookonchain on X dated Dec 2, 2025. According to Arkham Intelligence, the address 0x631eE55b8Ecd7Afb53ec30211a082691a4Cbe3ae and its recent exchange outflows can be verified on the Arkham Intelligence address explorer, source: Arkham Intelligence.

According to @OnchainLens, Ethena (@ethena_labs) withdrew 25M ENA valued at approximately $7.05M from Bybit, and the cited wallet 0x631ee55b8ecd7afb53ec30211a082691a4cbe3ae now holds 355.15M ENA valued at about $100.13M, providing concrete on-chain flow data for traders. According to @OnchainLens, the withdrawal represents a 25M-token outflow from Bybit at the time of transfer, with an implied per-token value of roughly $0.282 calculated from the reported figures ($7.05M/25M and $100.13M/355.15M). According to @OnchainLens, the address 0x631ee55b8ecd7afb53ec30211a082691a4cbe3ae is the reference to monitor for any subsequent inflows or redeposits that would update exchange supply conditions for ENA.

According to Lookonchain, an unidentified whale withdrew 13.11M USDC from Binance and Bybit and deposited 6.6M USDC to Hyperliquid before purchasing ENA (source: https://twitter.com/lookonchain/status/1994226085303840778). The whale has spent 5.1M USDC to acquire 17.76M ENA at an average price of $0.2874 so far, indicating large-sized accumulation activity in ENA (source: https://twitter.com/lookonchain/status/1994226085303840778). Wallet and transaction traces are provided via ARKM Intel address 0xd10592a0455447dad3689f5e8e466f519ce7ccd6 and Hypurrscan addresses 0xdfb0be32c83a32ee705e94fae9c3041bfefaf239 and 0x13b3a8d855102b899bc3a319a15532576c04cbeb (source: https://intel.arkm.com/explorer/address/0xd10592a0455447dad3689f5e8e466f519ce7ccd6; https://hypurrscan.io/address/0xdfb0be32c83a32ee705e94fae9c3041bfefaf239; https://hypurrscan.io/address/0x13b3a8d855102b899bc3a319a15532576c04cbeb).

According to Ki Young Ju, someone is wash trading on Bybit's BTCUSD inverse contract, with $5 trades hitting about 50 times per second and distorting market metrics (source: X post dated Nov 26, 2025). According to Ki Young Ju, this reported distortion means volume and trade-count-based indicators for Bybit's BTCUSD inverse market may be unreliable for short-term BTC strategies that depend on tick data and liquidity signals (source: X post dated Nov 26, 2025).

According to @OnchainDataNerd, 4 hours ago a single address withdrew 25M ENA (about $6.7M) from Bybit, based on their on-chain monitoring post on X (source: @OnchainDataNerd). According to @OnchainDataNerd, the same address has accumulated total withdrawals of 285.51M ENA (about $85.36M) from Bybit and Coinbase over the past three weeks (source: @OnchainDataNerd; wallet reference: ARKM Intel address 0x631eE55b8Ecd7Afb53ec30211a082691a4Cbe3ae). According to @OnchainDataNerd and the ARKM Intel address page, these outflows indicate at least 285.51M ENA now reside off those exchanges at the referenced address, which is directly relevant to exchange-tradable ENA liquidity (sources: @OnchainDataNerd; ARKM Intel).

According to @OnchainLens, a wallet linked to Ethena Labs purchased 25M ENA worth $6.7M from Bybit, based on Nansen data (source: @OnchainLens, @nansen_ai). The wallet now holds 285.15M ENA valued at $76.46M at address 0x631ee55b8ecd7afb53ec30211a082691a4cbe3ae (source: @OnchainLens, @nansen_ai). The transfer reflects a 25M ENA exchange outflow from Bybit recorded by Nansen (source: @OnchainLens, @nansen_ai). The reported figures imply an average price near $0.268 per ENA for the buy, calculated from the amounts cited (source: @OnchainLens).

According to @OnchainDataNerd, Coinglass data shows roughly 408,000 traders were liquidated in the past 24 hours for a total of about $2.21 billion, including $2.04 billion in long positions, based on Coinglass. Among exchanges, Bybit and Hyperliquid saw the largest liquidation totals at $693 million and $691.7 million, respectively, per Coinglass data cited by @OnchainDataNerd.

According to @OnchainLens citing Nansen data, a wallet likely linked to Ethena Labs accumulated 260.15 million ENA over the past two weeks from Bybit and Coinbase Prime. According to @OnchainLens (data: Nansen), the reported acquisition cost totals about 78.66 million USD, implying an average cost basis near 0.302 USD per ENA. According to @OnchainLens (data: Nansen), the current mark-to-market value is roughly 66.55 million USD, reflecting an unrealized loss of about 12.1 million USD or approximately 15.4% versus the stated cost basis. According to @OnchainLens (data: Nansen), the tracked address is 0x631eE55b8Ecd7Afb53ec30211a082691a4Cbe3ae.

According to @OnchainDataNerd, Galaxy Digital withdrew a total of 324,440 UNI, valued at approximately $2.44 million, from Binance and Bybit about an hour ago (source: https://twitter.com/OnchainDataNerd/status/1989197120197599408). The transactions are attributed to address 0x16F6d15381bEE4A25B25F0d1C4161b78f7F21Fde, which can be verified on Arkham Intel (source: https://intel.arkm.com/explorer/address/0x16F6d15381bEE4A25B25F0d1C4161b78f7F21Fde).

According to the source, BTC derivatives activity may take two quarters to recover after the Oct. 10 flash crash that wiped out about $19 billion in open interest, said Max Xu, Bybit’s derivatives operations director. Recovery may not arrive until Q2 given the single-session removal of roughly $19 billion in BTC derivatives open interest on Oct. 10, said Max Xu of Bybit.

According to @OnchainLens, wallet 0x98fb1dca5b82e2b4bd27f3f7bf952ec8c76f79b4 redeemed 9,026 ETH (USD 31.05M) and deposited 7,665 ETH (USD 26.37M) to OKX and Bybit on Nov 13, 2025 (source: @OnchainLens). According to @OnchainLens, the wallet had been previously tagged as SharpLink, but SharpLink denied any connection (source: @OnchainLens).

According to @OnchainDataNerd, whale wallet Hm8po accumulated 121,000 $TRUMP (about $951,000) from Bybit roughly 50 minutes before the post (source: @OnchainDataNerd on X). According to @OnchainDataNerd, the wallet now holds 233,500 $TRUMP valued around $1.81 million with an average entry price near $7.08, and the disclosed on-chain address is intel.arkm.com/explorer/address/Hm8po3HV8wage3ZkrxB3UtyprUjGK6d8H9n9bZhbafsP (source: @OnchainDataNerd on X).

According to @ai_9684xtpa, Stable Phase 2 pre-deposits reached 242 million USDC within 25 minutes of opening, pushing the progress bar to nearly half with many transactions still pending, source: X post https://x.com/ai_9684xtpa/status/1986440094048563286 and Etherscan contract address https://etherscan.io/address/0xd9b2cb2fbad204fc548787ef56b918c845fcce40#tokentxns. According to @ai_9684xtpa, the first depositor address 0xba62DF5490DBdA16cfE82a694d9ECd694C38a2dB sent 98,998.5 USDC and paid about 243 USD in gas, completing in 11 seconds, source: X post https://x.com/ai_9684xtpa/status/1986440094048563286 and Etherscan address transactions https://etherscan.io/address/0xba62DF5490DBdA16cfE82a694d9ECd694C38a2dB#tokentxns. According to @ai_9684xtpa, early small depositors show signs of exchange-originated flows with small ETH for gas from OKX and USDC from Bybit, with funding and deposit times closely aligned, source: X post https://x.com/ai_9684xtpa/status/1986440094048563286 and the deposit contract’s on-chain transfers on Etherscan https://etherscan.io/address/0xd9b2cb2fbad204fc548787ef56b918c845fcce40#tokentxns. For traders, the rapid fill rate and observed 243 USD gas cost highlight execution risk and potential fee pressure during the deposit window, source: Etherscan transaction details above and @ai_9684xtpa’s X post https://x.com/ai_9684xtpa/status/1986440094048563286; monitoring the contract’s token transfers on Etherscan can inform timing and confirmation risk management, source: Etherscan contract page https://etherscan.io/address/0xd9b2cb2fbad204fc548787ef56b918c845fcce40#tokentxns.