Ethena wipes out 5% value on the day as whales capitulate

Source Fxstreet
  • Whales are unstaking Ethena tokens and selling at a loss, per on-chain data. 
  • A large wallet investor realized $2.71 million in losses on ENA holdings. 
  • ENA price lost over 5% value on Monday, dipping below $0.800 on May 13.

Ethena (ENA), the token of Ethena Finance project with its synthetic stablecoin USDe, wiped out over 5% of its value on Monday. On-chain intelligence trackers have detected large wallet investors’ activity in ENA, how whales are taking opposing stances on Ethena, unstaking or realizing losses on the asset and staking to earn rewards.

Whales take contradictory stance on Ethena 

Data from crypto intelligence tracker Lookonchain shows that a whale capitulated due to the continuous decline in ENA price. A large wallet investor unstaked all ENA holdings and sold the asset, realizing $2.71 million in losses.

The whale withdrew over 6 million ENA tokens worth $5.71 million from the centralized exchange Binance at $0.95 on April 5, to stake it and earn rewards. As ENA price climbed, the whale withdrew more ENA, $4.76 million, on April 10. However, come April 25, within 15 days of withdrawing the asset from exchange wallets, the whale capitulated, realizing losses on ENA.

The large wallet investor deposited a total of 8.33 million ENA tokens to Binance and pocketed $2.71 million in losses, at an average price of $0.83. 

Another whale took a contradictory stance and withdrew 4.80 million ENA tokens worth $3.94 million from Binance at an average price of $0.82. The large wallet investor has staked ENA with Pendle Finance to earn rewards. 

As the two whales take opposing stances on ENA, one realizes a loss and the other stakes Ethena tokens, it remains unclear where the asset is headed, based on on-chain activity of large wallet investors. 

ENA is trading at $0.784, down 5% on Monday, on Binance. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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