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ENA Faces Heavy Sell Pressure As Whales Offload Millions
As the crypto market continues to experience volatility, one token has taken a severe hit due to intense sell pressure from whales and institutions. ENA, a cryptocurrency that had been showing promise in recent weeks, has seen its price plummet by over 15% within a single trading day.
According to reports, three major whales and institutions have collectively deposited 25.81 million ENA tokens worth $30.43 million to Binance and Bybit. This sudden dump of the token onto the market has put significant downward pressure on its value, resulting in a catastrophic loss for investors.
Galaxy Digital, a prominent institution in the crypto space, has been particularly active in offloading its ENA holdings. In just 29 hours, they have unloaded an astonishing 10.85 million ENA tokens worth $12.41 million at an average price of $1.144. This drastic move is expected to yield a profit of $2.37 million (+23.5%) for the institution.
This sudden and coordinated sell-off has sent shockwaves through the crypto community, with many investors left scrambling to assess the impact on their own investments. The token’s vulnerability to whale movements and institutional trading strategies has been highlighted by this event, leaving many questioning its long-term viability in the market.
It is crucial for investors to remain cautious in the face of such market volatility. It would be advisable to reassess your portfolio and consider adjusting your risk tolerance accordingly.
Source: nulltx.com
