Crypto Whale Faces $12 Million Loss as Ethena Faces Sharp Decline

Blockchain analytics firm Lookonchain reports significant losses for a crypto trader involved in a decentralized finance (DeFi) project that recently saw a steep price correction.

The firm tracked a whale who sold nearly 18 million Ethena (ENA), a synthetic dollar protocol built on the Ethereum network, resulting in a loss exceeding $12 million.

The whale, having accumulated ENA at an average price of $1.17 on Binance, unstaked 17.87 million ENA worth $8.78 million earlier this week and transferred them to the exchange. With the price of ENA now falling below $1 and currently trading at $0.4484, the trader is facing a substantial financial setback.

On the other hand, Lookonchain also notes that several crypto whales have been increasing their positions in Ethereum, which has been fluctuating around $2,600. Notably, one whale withdrew over $150 million in ETH from Binance, while another pulled out nearly $172 million from both Binance and Bitfinex in recent days.

Additionally, the World Liberty Financial (WLFI), a crypto project backed by former U.S. President Donald Trump, has been acquiring more Ethereum and altcoins. The project recently purchased over $10 million worth of ETH and nearly $2 million in Movement (MOVE), further adding to its crypto holdings.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.