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Whale’s $4.41M ENA Move: A Sign of Hope or Just Another Illusion?

BBG News
  • A whale wallet gobbled up $4.41M worth of ENA, while 93.88% of holders still float in deep red.
  • Derivatives volume skyrocketed by 110%, but liquidation data screams “don’t get too excited”.

So, some brilliant whale created a multisig wallet and splashed 14.57 million ENA, roughly $4.41 million, from Binance and Bybit. How charming, right? 🐋

This massive accumulation signals that someone’s getting interested—probably for the long haul, especially in a market full of caution. Oh, the drama of it all! 😏

The tokens made their way to a Gnosis Safe, which clearly suggests they’ll be hanging around for the long run. And, of course, this happened right after Ethena’s 11.3% price rebound to $0.3379. How convenient.

But, here’s the catch—why would anyone trust these fresh inflows? Does this mark a shift in the downtrend, or is it just a temporary blip, a mere distraction for the desperate souls who still believe? Only time will tell… probably not in our favor. ⏳

Will the underwater holders drag ENA’s potential back down?

Let’s talk numbers, shall we? Despite this whale drama, a mind-blowing 93.88% of ENA holders are still “out of the money.” It’s a sea of red, folks. 🌊

Just 0.39% are currently in profit. Only 5.73% are at breakeven. With the price stuck at around $0.3379, many poor souls are trapped above the $0.35–$0.50 range, hoping for a miracle.

This means there’s a massive overhang of supply that could suffocate any attempt at recovery. So, if these underwater holders start panicking and exit during any price spikes… well, ENA could be stuck in a never-ending spiral. 🌀

In other words, ENA’s comeback is going to need a lot of psychological strength, and not the kind you find in a motivational Instagram post. 💪

Is Whale Interest Already Fading After A Massive Spike?

Let’s get to the juicy part: Large holder netflows shot up by a ridiculous 10,659% in May. That’s like a whale at an all-you-can-eat buffet, folks. 🐋💸

But guess what? Over the last seven days, the flow tanked by a shocking -1982%. Talk about mood swings. Looks like someone’s not feeling too confident anymore. 🤡

This sudden drop in whale activity speaks volumes about the shaky confidence in ENA’s price. Sure, the 90-day change looks decent (+430%), but can it really be trusted after such a wild rollercoaster ride? Hold on tight. 🎢

If these whales decide to sit back down and take a nap instead of accumulating more, ENA might just struggle to find new liquidity. Or worse… could it just be another pump-and-dump play? 💀

Derivatives Activity: Is This a Sign of Hope or Another Risky Gamble?

Oh, and ENA’s derivatives market has been going crazy. Volume exploded by 110.53%, reaching $900.84 million, while Open Interest rose 10.66% to $430 million. So, everyone’s clearly betting big, right? Or… are they just playing the game? 🤷‍♂️

This surge suggests traders are getting frisky, but let’s not forget—spikes like these often come before the storm. 🌩️

Liquidation data tells a story of $245.23K in short positions wiped out, compared to just $136.35K in longs. A short squeeze drove some of the rebound, but without real demand from the spot market, it’s just a risky gamble.

The highest liquidation volumes came from Binance and Bybit—so much for those “strong” bullish convictions. Maybe people are just jumping on the bandwagon for a quick thrill. 🚂💨

Can Support Near $0.25 Survive the Chaos?

Technically speaking, ENA is still stuck in its big ol’ consolidation range, bouncing around from $0.25 like a yo-yo. The stochastic RSI is flirting with oversold levels, giving us a faint glimmer of hope. But let’s not get too excited, shall we? 😏

The recent price jump aligns with a high-liquidation zone around $0.33–$0.34. But even with that, there’s still solid resistance lurking below $0.50. Not exactly a clear path to victory, is it?

If ENA ever wants to break free from this long-term downtrend, it needs more than just a $0.25 support floor—it needs a huge surge in buying volume and, you guessed it, some serious market conviction.

While whale interest and rising derivatives action may offer short-term optimism, ENA’s true recovery depends on overcoming the challenges posed by underwater holders and erratic whale behavior. It’s a long shot, folks. Grab your popcorn. 🍿

In the end, a sustainable rebound relies on fresh accumulation, real buying volume, and a shift in investor sentiment. But until that happens… it’s just another coin in the wind. 🍃

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2025-06-04 03:10

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