Ethena [ENA] whales lock in losses, but did they exit too soon?
The post Ethena [ENA] whales lock in losses, but did they exit too soon? appeared on BitcoinEthereumNews.com.
Whale took a 13% loss after a 3-month trade as another opens a 10x long on ENA and closes with a loss. ENA price was trading above a descending channel, and a break back into the pattern could mean a continued drop. Ethena [ENA] was down about 7.60% despite trading volume surging 85% in the last 24 hours as of press time. The altcoin could be set for significant moves in either direction, but the whales’ activities presented a direction dilemma. Are ENA whales exiting too early? A whale purchased 15.473 million ENA at an average price of $0.404. After unstaking, they deposited the remaining 12.16 million ENA—worth $4.42 million—into Binance at $0.347. This marked the end of a three-month ENA trade, resulting in a loss of $817K, approximately 13.1%. In total, the whale has sold 15.66 million ENA, valued at $5.43 million. Source: TradingView Another whale deposited $10.1 million USDC into Hyperliquid, taking long positions in ENA, PEPE, and NEAR, incurring a $400,000 cost in the process. As the price range tightened, buyers stepped in, hinting that the market might be gearing up for a rally. However, ENA’s capitulation seemed driven by selling pressure, despite the price remaining above a downward channel. This raises questions about timing—did the whales move too soon? Will history repeat as USDe supply surges? The price of the altcoin stood at $0.3531, at press time, a bit above its upper border, suggesting it may soon rebound from its long-lasting descending channel. After a surge earlier in May pushed the price up beyond $0.40, it pulled back a bit. If ENA maintains a higher value than the channel lines, it could move higher to $0.50, with $0.8019 as the bigger target. If ENA falls below $0.35, it could reverse and move back to lower levels…
Filed under: News - @ May 20, 2025 3:22 am