Altcoins News
By Pankaj K
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Ethena (ENA) has recently seen a significant spike in whale activity, raising cautious optimism within the crypto community.
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Unlike typical high-volume transfers used for trading or arbitrage, these tokens were sent to a Gnosis Safe, a well-known protocol for secure, long-term custody.
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Despite the whale accumulation, the majority of ENA holders remain deep in unrealized losses.
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This presents a challenging scenario. When an asset begins to recover after a major drawdown, holders sitting on losses often sell into strength.
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Adding to the complexity, recent data suggests that large-holder behavior is anything but stable.
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Simultaneously, ENA’s derivatives market is heating up. Trading volume has more than doubled, surging 110% to $900 million, while Open Interest rose by 10.6% to $430 million.
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Most of these liquidations occurred on Binance and Bybit—the same platforms from which the whale accumulated ENA.
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On the technical front, ENA remains within a long-standing consolidation range. It recently bounced from a key support level around $0.
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However, strong resistance still exists below the $0.50 mark. For ENA to break out of its broader downtrend, it must hold the $0.
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In summary, Ethena’s recent whale activity and the surge in trading volume hint at growing market interest. But a sustained recovery will require more than just speculative energy.
The Currency Analytics
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