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.

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These whales had previously withdrawn their $ENA from Binance between April and August 2024 and staked them with Pendle to earn additional rewards, accumulating hundreds of thousands of extra $ENA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.

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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