Crypto Whale Moves 17.875M ENA to Binance, Raising Market Concerns

• A whale unstaked 17.875M ENA, worth $8.78M, and deposited it on Binance, raising market concerns.
• Selling at the current price would lead to a $12.09M loss for the whale, minimizing the likelihood of an immediate sell-off.
• ENA price may experience short-term volatility but remains supported by strong liquidity and a $270.86M trading volume.

A major Ethena whale recently unstaked 17.875 million ENA tokens, worth approximately $8.78 million at the current market rate. The entire amount was transferred to Binance, triggering speculation about an impending sell-off. Market participants are closely watching this move, as it could influence Ethena’s price trajectory.

The whale initially acquired these tokens at an average price of $1.67 per unit. Given the current price of $0.4989, selling at this level would result in a significant loss of nearly $12.09 million. Despite the magnitude of this transaction, its overall impact on ENA’s price is expected to be limited.

Market Response and Trading Activity

Ethena has been recovering from recent market fluctuations, with a 24-hour trading volume reaching $270.86 million following an 18% surge. While the addition of a substantial amount of ENA to the circulating supply raises concerns, high liquidity levels suggest that market volatility may be contained.

A closer look at ENA/USDT daily charts indicates the possibility of a brief dip near the $0.428 support level. However, a rebound remains likely, with potential targets set at $0.502, $0.617, and ultimately $0.808. The sell-off could momentarily increase selling pressure, but overall investor interest appears to support stability in the token’s price movement.

Short-Term Outlook

The sell-off scenario might influence investor sentiment, leading to temporary fluctuations. Small-scale investors may react by mirroring the whale’s move, but any potential impact is expected to be short-lived. Market conditions and liquidity levels will play a crucial role in determining the extent of any price correction.