- Two whales withdrew 23.93M ENA, worth $9.68M, from Binance amid growing market attention.
- Wallet 0xb7d and 0x1ad are first-time ENA holders, fueling speculation on their strategies.
- ENA’s $100M funding for iUSDe could drive institutional demand and future growth.
The analytical platform Spot On Chain revealed in an X post on Wednesday that two large whales withdrew 23.93 million ENA. The total value of the withdrawal was $9.68 million from Binance. The withdrawals occur as ENA has been gaining increasing attention recently, which has led to speculations on the future of the token.
The first wallet 0xb7d withdrew 14.51 million ENA, equivalent to $5.88 million, from Binance. Notably, this wallet had only 0.0883 ETH from its recent transaction, sent by an unknown source, and used for paying the gas fees.
The second whale, wallet 0x1ad, withdrew 9.42 million ENA worth $3.8 million and 11,018 AAVE worth $2.15 million. This is the first time that the whale has acquired ENA. Before this, the wallet had only traded LDO once between April and November 2023, which was a loss of $410,000.
Whales Fuel Speculation on ENA’s Future
Both whales are first-time ENA holders, and their massive withdrawals have raised eyebrows regarding their intentions. These whales are holding ENA for future price increases or as a way of diversifying their investment portfolios. Their recent actions indicate that they are up to something bigger than what is currently at the surface.
As of press time, ENA is trading at $0.4049 and has increased by 2.22% in the last 24 hours. ENA has recently attracted attention for raising $100M to create a new stablecoin for institutional investors known as iUSDe. This single large-scale fundraising could greatly enhance ENA’s future prospects.
The iUSDe token is a regulated product that will expose financial institutions to crypto without requiring them to own the asset. As institutional players enter the market, this could lead to a higher demand for ENA.
Related: Ethena Enhances USDe Stability with Chaos Labs’ Technology
Key Levels to Watch
On the ENA chart, there is a potential reversal pattern in terms of technical analysis. After five waves of impulsive moves, the price moved to a corrective phase, and the current level is near historical support.
Source: TradingView
The RSI is in oversold territory, and the price has recently pierced through the descending wedge formation. If the price rises above $0.63, it would indicate a new bullish trend, but if it fails to hold $0.40, it would indicate a bearish trend.
These large withdrawals and the institutional interest in Ethena indicate that ENA may be on the precipice of a major change. Whether the whales are gearing up for a price increase or just rotating their investments, the next few weeks will likely be decisive for the token.
