Ethena(ENA) Whales in Long-Term Loss: What Are They Up To? 16.85 Million Tokens Moved to a Certain Exchange

On-chain data shows that a whale holding 16.85 million ENA has recently taken new action. This investor entered the market a year ago at an average price of $1.099, with a total investment of up to $18.52 million at that time. However, as ENA's price continued to decline, it has now fallen to $0.19, reducing the entire holding's value by 77.90%.

Just 7 hours ago, this whale suddenly transferred all 16.85 million ENA tokens to a certain exchange, attracting market attention. If sold at the current price, this investment would face a massive loss of approximately $15.02 million. According to on-chain monitoring data, this address has clearly become a typical case of "deeply trapped."

This story reflects the harsh reality in the crypto market — an entry price that seemed reasonable in 2024 could become an unbearable burden a year later. The whale's move to transfer tokens to an exchange also signals a possible large-scale sell-off on the horizon, which is undoubtedly another blow to the current market sentiment of ENA.