Suspected to be associated with Ethena Labs, the wallet has purchased 260 million ENAs and is currently losing $12.1 million

In the past two weeks, wallets suspected to be associated with Ethena Labs have purchased a total of 260.15 million ENAs worth $78.66 million from Bybit and Coinbase Prime. Currently, these ENAs are worth $66.55 million with a book loss of $12.1 million. The address is: 0x631eE55b8Ecd7Afb53ec30211a082691a4Cbe3ae. （Onchain Lens）