In a startling turn of events highlighting the volatile nature of cryptocurrency markets, a crypto whale reportedly sustained losses exceeding $12 million with the sale of nearly 18 million Ethena (ENA), according to blockchain monitoring service Lookonchain. The decentralized finance (DeFi) project, known for its innovative synthetic dollar protocol based on Ethereum, fell to a stark low, leading to this dramatic financial outcome.
### Whale Falters Amid Price Crash
Lookonchain detailed this significant whale activity, noting that a massive volume of ENA was unstaked and transferred to Binance, leaving the investor reeling from a severe price correction as ENA sank below the $1 mark. At the time of this writing, ENA has spiraled further to $0.4484, shedding 4.6% of its value in the past day alone.
> *”A whale sold off all ENA and lost over $12 million!”* Lookonchain reported, reflecting the gravity of this transaction in the wider market.
### Ethereum Gathers Momentum as Whales Accumulate
While one whale experiences staggering losses, other large market players seem to be reorienting strategies, turning their focus toward Ethereum (ETH). Lookonchain also reported a noticeable accumulation of ETH by other crypto whales, with substantial withdrawals from major exchanges like Binance and Bitfinex.
Notably, addresses linked to significant ETH holdings have withdrawn a combined total of approximately $323.4 million worth of Ethereum, reflecting bolstered faith in the cryptocurrency amidst ongoing market fluctuations. Ethereum’s current trading price hovers around $2,604, having witnessed a slight dip of 2.1% over the last 24 hours.
### Trump’s World Liberty Financial Bolsters ETH and MOVE Holdings
Adding another dimension to these unfolding events, Lookonchain disclosed that World Liberty Financial (WLFI), associated with US President Trump, is expanding its crypto portfolio. This includes investments in both Ethereum and the layer-2 project Movement (MOVE).
The recent acquisition of 3,191 ETH valued at $10 million, accompanied by significant purchases of MOVE, underscores a strategic buy-in amidst wavering crypto market conditions. With MOVE presently priced at $0.5416 following a 1.6% daily decline, traders continue watching WLFI’s investment moves closely.
### Navigating Crypto’s Choppy Waters
These developments underscore the precarious nature of cryptocurrency investment, where substantial gains can quickly transform into looming losses. Investors are urged to conduct thorough due diligence and remain vigilant within the unpredictably shifting landscapes of digital currencies.
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