ENA has emerged as the biggest loser among the top 55 cryptocurrencies today, experiencing a sharp decline of over 15%.
The sell-off has been driven by intense selling pressure from whales and institutions, including Galaxy Digital, which have collectively offloaded millions of ENA tokens.
ENA is the BIGGEST LOSER among the TOP 55 coins today 🔻📉
ENA is getting continuous sell pressure from the whales/institutions.
ENA is down 15%+ today.
In just the last 2 days, 3 whales/institutions, including Galaxy Digital, have deposited a total of 25.81M $ENA to #Binance… pic.twitter.com/NFJvqt2iEz
— Wise Advice (@wiseadvicesumit) January 8, 2025
Galaxy Digital’s Massive ENA Offload
Galaxy Digital recently deposited 4.46 million ENA ($4.92 million) to Binance via two wallet addresses, bringing their total offloading over the past 29 hours to 10.85 million ENA ($12.41 million). This selling spree occurred at an average price of $1.144, resulting in a likely profit of $2.37 million (+23.5%) for the institution.
Broader Institutional Sell-Off Â
Galaxy Digital isn’t the only player contributing to the sell pressure. Over the past two days, three major whales and institutions, including Galaxy, have collectively deposited 25.81 million ENA tokens (worth $30.43 million) to Binance and Bybit. This coordinated activity has added significant downward pressure on the token’s price.
Galaxy Digital deposited the remaining 4.46M $ENA ($4.92M) to #Binance 9 hours ago as the price plunged.
This brings their total offloading to 10.85M $ENA ($12.4M) at an average price of $1.144 over the past 29 hours, resulting in a likely profit of $2.37M (+23.5%).
Overall,… https://t.co/14BQTLpGhL pic.twitter.com/lVZUdkfD72
— Spot On Chain (@spotonchain) January 8, 2025
ENA’s Struggles Continue
As a result of the relentless sell pressure, ENA has become the day’s worst-performing asset among the top 55 cryptocurrencies. The token has struggled to maintain its footing, with its price plunging more than 15% within a single trading day.
This sell-off highlights a broader trend of institutional profit-taking, which has left retail investors scrambling to assess the impact. Unless demand picks up or sell pressure eases, ENA could face further declines in the short term. The current market sentiment underscores the token’s vulnerability to whale movements and institutional trading strategies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
