Ethena(ENA) Withdrawals by Whales: Whats Behind the $9.68M Shift?
- Two whales removed 23.93 million Ethena (ENA) ($9.68M) from Binance, raising speculation about future moves.
- Whale actions, including a $5.88M ENA withdrawal, hint at portfolio shifts and potential market impact.
- ENAs price climbed 2.20% after raising $100M for iUSDe, a stablecoin for institutional investors.
Two major whales moved 23.93 million Ethena (ENA), worth 9.68 million dollars, out of Binance on Wednesday, as per Spot On Chain. These have raised curiosity as the token continues to make its debut in the market.
Whale Withdrawals on Binance
The first whale associated with wallet 0xb7d withdrew 14.51 million ENA, worth $5.88 million at that time. It holds only 0.0883 ETH to pay for the gas fees, and the amount was transferred from an unknown source. The second whale associated with wallet 0x1ad has sent off 9.42 million Ethena tokens equivalent to $3.8 million in value and 11,018 AAVE worth $2.15 million. Notably, this is the first time the second whale purchases ENA and spent 410 thousand dollars in 2023, while trading only LDO.
They are both new to the Ethena and their large exod attached to speculation on what their motives were. Such actions could have been taken earlier for the purpose of taking advantage of any future price differential or as part of portfolio restructuring. The amounts involved and the fact that they are executed in such a coordinated manner may signal that something big is expected to happen soon.
Ethena Recent Price Trends
At the time of writing, Ethena is trading at $0.4043, which is a 2.20% increase in the last 24 hours. It has started drawing more attention after raising $100 million to introduce the iUSDe, a stablecoin for institutional use. This notes gives institutions a way to interact with cryptocurrency without actually owning it possibly increasing demand for Ethena.
From a technical perspective, there is a potential reversal pattern for the price to reach support levels, in this case in the chart. The relative strength index or RSI is bearishly oriented and substantially oversold in the short-term and medium-term time frame and the token has broken a descending wedge pattern. If the price aspires to rise above $0.63, then going above the level might create abullish mood in the market, while a break below $0.40 may culminate in more selloffs.
Source: TradingView
These large withdrawals taken alongside the increasing focus from institutions hint that Ethena may be on the brink of changes. Whether these whales are accumulating for the sake of a potential short-term price increase or are adjusting their game plan, the following weeks should shed more light on the future state of ENA.
Read more: https://www.tronweekly.com/ethenaena-withdrawals-by-whales-whats-behind/
Text source: TronWeekly
