Ethereum

Bitcoin

April

when

Ethena

In this ongoing bearish sentiment, top cryptocurrencies have been continuously bleeding for the last 7 days. Amid this negative outlook, Bitcoin (BTC) and Ethereum (ETH) experienced price drops of 5.8% and 10% respectively. Looking at the sentiment among top cryptocurrencies, the largest Ethena (ENA) staker has deposited a huge 19.36 million ENA tokens worth $14.1 million to Binance on June 12, 2024, according to data shared by the on-chain analytic firm Spotonchain. ENA holder dumps 19 million tokens&nbsp; Lookonchain also highlights that the average deposit price of ENA tokens was $0.73. However, the same trader withdrew 23.24 million ENA tokens worth $29.9 million from Binance when it was trending and moving near $1.29 between April 10 and April 15, 2024. The recent dump indicates the trader’s bearish beliefs, which may influence more traders. 
After this recent dump, the trader still holds a massive 3.88 million ENA tokens worth $2.76 million. With the recent ENA deposit, the trader made a loss of $13.07 million, equivalent to 44% of the initial investment.
Following this massive 19.36 million ENA dump on Binance, the token experienced a price drop of nearly 5%. As of now, ENA is moving near $0.70 and, in the last 24 hours, experienced a 5% downside momentum. Intraday, it also reached a low of $0.68. Looking at the performance of ENA over a longer period, in the last 7 days, it experienced a price drop of 25%. However, in the last 30 days, the ENA price experienced a 15% downside momentum. Ethena technical analysis and key levels&nbsp; 
According to expert technical analysis, ENA is looking bullish and there is a possibility that it may recover soon. Currently, ENA on the daily time frame forms a bullish double-bottom pattern at the crucial support level near $0.67. If sentiment changes, we may see a bullish upside move. However, the RSI (Relative Strength Index) technical indicator shows a bearish divergence, signaling bearishness in the chart. Source: TradingView 
However, this is not the only whale that dumped massive ENA holdings; many other whales have also dumped their holdings. Some investors, however, are still looking at the current scenario as an opportunity and continuously <a href="https://news.todayq.com/326-million-doge-move-from-robinhood-are-whales-buying/" rel="noopener noreferrer nofollow">buying the assets</a>, as reported by Todayq News.

Ethena (ENA) whale dumps 19 mln tokens, What it means?

Todayq News

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