Crypto News

Ethena Faces Sharp Decline As Major Investor Prepares To Exit

Ethena ($ENA) has seen a steep decline, trading at $0.50, which marks a significant drop from its all-time high of $1.50. In the past 24 hours alone, $ENA has fallen by 8%.

A notable investor, identified by wallet address 0xb6c8, has decided to cut his losses, totaling $1.12 million. About three months ago, this investor purchased 1.79 million $ENA for $2.12 million and subsequently staked the tokens in Ethena’s staking contract.

Same Investor Has Now Installed And Deposited 1.78 Million $ENA

Seventeen hours ago, the same investor unstaked the entire amount, depositing 1.78 million $ENA—now valued at approximately $998,000—into Binance. Should he proceed with selling this amount, he will face a substantial loss of $1.12 million, equating to a 52.8% decline on his initial investment.

This significant move by a large investor underscores the challenging market conditions faced by Ethena, contributing to the ongoing bearish sentiment surrounding the token.

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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