In this ongoing bearish sentiment, top cryptocurrencies have been continuously bleeding for the last 7 days. Amid this negative outlook, Bitcoin (BTC) and Ethereum (ETH) experienced price drops of 5.8% and 10% respectively. Looking at the sentiment among top cryptocurrencies, the largest Ethena (ENA) staker has deposited a huge 19.36 million ENA tokens worth $14.1 million to Binance on June 12, 2024, according to data shared by the on-chain analytic firm Spotonchain.
ENA holder dumps 19 million tokens
Lookonchain also highlights that the average deposit price of ENA tokens was $0.73. However, the same trader withdrew 23.24 million ENA tokens worth $29.9 million from Binance when it was trending and moving near $1.29 between April 10 and April 15, 2024. The recent dump indicates the trader’s bearish beliefs, which may influence more traders.
After this recent dump, the trader still holds a massive 3.88 million ENA tokens worth $2.76 million. With the recent ENA deposit, the trader made a loss of $13.07 million, equivalent to 44% of the initial investment.
Following this massive 19.36 million ENA dump on Binance, the token experienced a price drop of nearly 5%. As of now, ENA is moving near $0.70 and, in the last 24 hours, experienced a 5% downside momentum. Intraday, it also reached a low of $0.68. Looking at the performance of ENA over a longer period, in the last 7 days, it experienced a price drop of 25%. However, in the last 30 days, the ENA price experienced a 15% downside momentum.
Ethena technical analysis and key levels
According to expert technical analysis, ENA is looking bullish and there is a possibility that it may recover soon. Currently, ENA on the daily time frame forms a bullish double-bottom pattern at the crucial support level near $0.67. If sentiment changes, we may see a bullish upside move. However, the RSI (Relative Strength Index) technical indicator shows a bearish divergence, signaling bearishness in the chart.
However, this is not the only whale that dumped massive ENA holdings; many other whales have also dumped their holdings. Some investors, however, are still looking at the current scenario as an opportunity and continuously buying the assets, as reported by Todayq News.
