 whale strategically unstaked 4.96M tokens, netting a $2.38M profit with a potential $6M selloff on the horizon.){kind=link}
A notable cryptocurrency movement has occurred involving a substantial amount of Ethena (ENA) tokens, orchestrated by a whale investor identified as “0x687”.
The investor has earlier today unstaked and deposited 4.96 million ENA tokens into Binance, valued at approximately $6.01 million at the time of transfer when ENA was trading at $1.23.Â
The movement represents a significant position that was originally accumulated between May 10 and December 2, 2024, when the investor withdrew 5.97 million ENA tokens from Binance at a price point of $0.75, with an initial value of $4.46 million.
Should the investor choose to liquidate their position at current market rates, they stand to realize a substantial profit of $2.38 million, representing a remarkable 64.2% return on investment.
Current Market Status and Performance
Ethena’s market performance shows positive momentum, with the ENA token currently trading at $1.20. The token has demonstrated strong market activity with a 24-hour trading volume of $698,701,940.
Recent price movements indicate an upward trend, with a 0.44% increase in the last 24 hours and a more substantial 19.92% gain over the past week.
The project’s market capitalization stands at $3,647,617,451, supported by a circulating supply of 3 billion ENA tokens.
These metrics suggest robust market interest and liquidity for the token, despite the potential selling pressure from the whale’s recent movement.
Strategic Development and Future Outlook
Ethena has recently unveiled its 2025 roadmap, highlighting ambitious plans to bridge the gap between decentralized finance (DeFi) and traditional finance (TradFi).
A key focus for Q1 involves strategic collaborations with TradFi distribution partners to launch iUSDe, marking a significant step in their ecosystem expansion.
The protocol has already demonstrated impressive performance metrics, achieving a run-rate annualized revenue of $1.2 billion and distinguishing itself as the highest revenue-per-employee protocol in December of the previous year.
These developments suggest strong fundamental growth underlying the token’s market performance.
Market Implications and Investment Considerations
The whale’s movement of 4.96 million ENA tokens to Binance warrants careful market observation, as such large-scale transfers often precede significant market activity.
While the potential $6 million selloff could create short-term selling pressure, the token’s recent price resilience and positive market metrics suggest underlying strength.
The combination of strong recent performance (+19.92% weekly gain), substantial trading volume, and strategic development progress indicates that the market may have the capacity to absorb potential selling pressure.
However, investors should maintain vigilance and monitor trading volumes and price action closely, as whale movements of this magnitude can impact market dynamics in the short term.