Whale Woes: Did Ethena’s Big Players Jump Ship Too Soon? 🐋💸

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  • One whale, after three months of patient anticipation, took a 13% loss—proving that even the largest creatures in the crypto sea can sometimes mistake a ripple for a tidal wave. Meanwhile, another brave soul opened a 10x long on ENA, only to close with a loss. The ocean giveth, and the ocean taketh away.
  • ENA’s price flirted above a descending channel, and should it tumble back in, we may witness a drop more dramatic than a Victorian fainting spell.

Ethena [ENA] found itself down by a rather unflattering 7.60%, despite trading volume leaping 85% in the last 24 hours—proof that popularity does not always equate to prosperity, much like a crowded salon filled with penniless poets.

The altcoin teeters on the edge of significant movement, but the whales’ antics have left the market as indecisive as a dandy choosing between velvet and silk.

Are ENA whales exiting too early?

A whale acquired 15.473 million ENA at an average price of $0.404. After unstaking, they deposited the remaining 12.16 million ENA—worth $4.42 million—into Binance at $0.347. One can only imagine the sigh that accompanied this transaction.

This concluded a three-month ENA escapade, resulting in an $817K loss, or about 13.1%. In total, our aquatic friend has sold 15.66 million ENA, valued at $5.43 million—a sum that could buy quite a few monogrammed handkerchiefs for drying tears.

Elsewhere, another whale deposited $10.1 million USDC into Hyperliquid, taking long positions in ENA, PEPE, and NEAR, and promptly paid $400,000 for the privilege—because who doesn’t enjoy expensive hobbies?

As the price range narrowed, buyers tiptoed in, suggesting the market might be preparing for a rally—or perhaps just stretching before another nap.

Yet ENA’s capitulation seemed driven by selling pressure, despite its price clinging above a downward channel like a socialite refusing to leave the party. The question remains: did these whales leap too soon, or are they simply trendsetters in aquatic despair?

Will history repeat as USDe supply surges?

The altcoin’s price stood at $0.3531 at press time, just above its upper border—hinting it may soon rebound from its long descent, like a phoenix with slightly damp feathers.

After an early May surge beyond $0.40, ENA retreated—a classic case of “Icarus meets cryptocurrency.”

If ENA stays above the channel lines, it could ascend to $0.50 or even dream of $0.8019. Should it fall below $0.35, however, it risks tumbling to less glamorous depths below $0.28.

The MACD analysis revealed the MACD line and signal line intersecting at 0.0151, with the histogram flatter than yesterday’s champagne—suggesting momentum as neutral as an English butler.

In times of uncertainty, dramatic moves are inevitable—either buyers will seize control or sellers will break support again, leaving everyone clutching their pearls.

The upper boundary of the descending channel served as critical support; until price action confirms otherwise, it remains as steadfast as an old family secret.

A price above $0.35 could signal strength; below it, a fresh sell-off may ensue. At present, ENA’s fate is as ambiguous as a Wildean epigram.

Meanwhile, Ethena’s stablecoin USDe saw its supply balloon by $300 million over the past week as funding rates improved—because nothing says optimism like printing more money.

This echoes October 2024’s spectacle when USDe soared from $0.25 to $1.25—a rise so dramatic it would make Lady Bracknell blush.

With history threatening to repeat itself, many believe another bold chapter for ENA is about to unfold—attracting investors who dream of profits grander than their mustaches.

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2025-05-20 06:22