Ethena’s 8% ENA Whale: A Crypto Conundrum?
Key Takeaways
Ethena, that paragon of resilience, found itself in the throes of a bullish retest, a spectacle that might just ignite the ENA rally. 🐯🔥 A new wallet, presumably a crypto-zealot, withdrew 8% of ENA, a move that could either be a harbinger of doom or a prelude to glory. 🧙♂️🔮
Ethena [ENA], ever the fickle lover, dipped a mere 1% in 24 hours yet surged 22% in a week, a rollercoaster that would make even the most seasoned investor weep with joy. 📈😂 The daily trading volume, that fickle companion, surged over 45%, as if the market were finally waking up from a long, crypto-induced slumber. 🛌💤
According to Ali Charts on X (formerly Twitter), the altcoin was in the middle of a retest at the $0.43 level after a spike above $0.54. A dance of numbers, as if the market were performing a Shakespearean play with a budget of $0.43. 🎭💸
The $0.43 level coincided with the 0.618 Fibonacci Retracement level, a sacred number in the realm of chartists. Ali’s target, sitting at above $1, is as ambitious as a man trying to juggle flaming torches while riding a unicycle. 🎪🔥 However, it remains uncertain if the target can be hit—much like the question of whether a cat will ever stop knocking things off shelves. 🐱💣
Will ENA breakout hold?
Ethena’s price chart, that most unreliable of narrators, began to rise since the potential end of crypto bear markets in early April. By May and June, it was as if the market had finally remembered it was supposed to be bullish. 🦄📈 ENA rejected the $0.25 level more than five times, a feat akin to a toddler refusing to eat vegetables. The range’s top, standing at $0.45, was as stable as a house of cards in a hurricane. 🏗️🌀
The month of July saw a 74% surge in three weeks, a feat that would make even a sloth proud. ENA broke above the sideways consolidation, a moment as thrilling as watching paint dry—only slightly more exciting. At the time of writing, the price was retesting the breakout level, a ritual as predictable as a priest reciting the Nicene Creed. 🕊️🧪
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However, a derivative whale was going short on a couple of tokens, with his ENA order having a 5X leverage, a move as reckless as a drunk driver on a tightrope. 🎭🌀 The total whale deposit into Hyperliquid stood at $7.51 million, a sum that would make a beggar weep with envy. 🙏💸
Positive signs from income statement
Worth noting, though scarcely inspiring, was Ethena’s income statement, which, while in the green, revealed a decline that would make a dachshund weep. 🐾📉 The 2024 gains were seven times better than 2025’s, a year that only surpassed $1M in the first quarter, a performance as lackluster as a deflated balloon. 🎈💥
Gauging the income statement, it clearly showed a decrease in earnings, a trend that suggests users were potentially reducing their holdings, leading to this decline in fees generated. A tale as old as time, and just as thrilling as watching paint dry. 🎨💤
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2025-07-24 22:23