In a sign of growing risk aversion, $ENA stakers have started to liquidate their holdings.
A prominent whale, known by the address 0x8fA…CA160, recently withdrew all 5.64 million $ENA tokens staked in Ethena and Pendle, worth approximately $1.44 million, and transferred them to Binance yesterday.
This whale had accumulated these tokens at an average price of $0.6171 between May and July of this year. Should they decide to sell now, it would result in an estimated loss of around $1.88 million.
如昨天的推文所说，ENA 质押用户开始卖出避险了🤓
巨鲸 0x8fA…CA160 从昨天起将 Ethena 和 Pendle 质押的累计 564 万枚 $ENA 全部取出（约 144 万美金），并于 3 小时前充值进了 #Binance
他在今年五月到七月之前以均价 $0.6171 积累了这部分代币，本次若卖出将亏损约 188 万美金；钱包地址… https://t.co/WUi2jmjHWy pic.twitter.com/ktmTLzklhQ
— Ai 姨 (@ai_9684xtpa) August 29, 2024
In the last 24 hours, four major players have unstaked and moved 15.86 million $ENA tokens (valued at $4 million) to Binance, all at significant losses.
These whales had previously withdrawn their $ENA from Binance between April and August 2024 and staked them with Pendle to earn additional rewards, accumulating hundreds of thousands of extra $ENA tokens. Despite these efforts, they are now facing an estimated combined loss exceeding $5 million.
Four whales unstaked and deposited 15.86M $ENA ($4M) to #Binance at big losses in the past 24 hours!
Notably, these whales all withdrew $ENA from Binance between April and August 2024, then staked the tokens with @pendle_fi to earn extra hundreds of thousands of $ENA.
However,… pic.twitter.com/h7cA6yyalt
— Spot On Chain (@spotonchain) August 30, 2024
The rapid offloading of $ENA by these whales highlights the growing uncertainty in the market, as even large holders are choosing to cut their losses amid unfavorable conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: balage941/123RF // Image Effects by Colorcinch
