The Ethena token (ENA) has continued its downward trajectory, experiencing a 4% decline today and a significant loss of 34% in value over the past 30 days, indicating ongoing challenges for investors.
One notable event contributing to the downturn is the capitulation of a significant whale investor who decided to cut their losses and sell off their ENA holdings. This whale initially withdrew 6.01 million ENA ($5.71 million) from Binance at $0.95 on April 5 and staked it.
As the price of ENA rose, they withdrew another 3.32 million ENA ($4.76 million) from Binance at $1.44 on April 10, only to see the price decline thereafter.
A whale capitulated due to the continuous decline of $ENA, unstaking all $ENA and selling it at a loss, with a total loss of $2.71M!
He withdrew 6.01M $ENA($5.71M) from #Binance at $0.95 on April 5 and staked it.
As the price of $ENA increased, he withdrew another 3.32M… pic.twitter.com/P9Oh9x1VFn
— Lookonchain (@lookonchain) May 13, 2024
With the price of ENA continuing to fall, the whale began to capitulate on April 25, unstaking their ENA holdings and selling them at a loss.
In total, they deposited 8.33 million ENA ($6.94 million) into Binance at an average price of $0.83, leaving them with 1 million ENA ($823,000) remaining and incurring a total loss of $2.71 million.
More ENA Whale Withdraws From Exchanges
Recent data from Spotonchain revealed that another whale, identified as 0x555, withdrew 1.95 million ENA ($1.54 million) from Binance at $0.791, indicating further selling pressure in the market.
What is your current view on $ENA?
In the past 24 hours, our system noticed 2 large players showing contradicting views towards the token!
1. Whale 0x555 withdrew 4.80M $ENA ($3.94M) from #Binance at ~$0.82 for the first trade.
• Now stakes them with Ethena and Pendle Finance.… pic.twitter.com/iLUDAT92sa— Spot On Chain (@spotonchain) May 13, 2024
Over the past 19 hours, this whale has withdrawn a total of 4.80 million ENA for the first ENA trade from Binance at an average price of $0.82, with an estimated cost of $3.94 million, using two wallets, 0x418 and 0x555. Additionally, the whale has staked 3.8 million ENA with Ethena and 1 million ENA with Pendle Finance.
These developments underscore the challenges facing Ethena as investors grapple with market uncertainty and selling pressure, highlighting the need for caution and strategic decision-making in volatile market conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: leddamarita/123RF // Image Effects by Colorcinch