The cryptocurrency market experienced a significant decline, with Bitcoin dropping 5%. This has caused a breakdown scenario in assets like ENA, as onchain data shows whale selling pressure, potentially leading to a loss of the $1 floor for the Ethena price. The ENA price currently trades at $1.08 with a loss of 7.7% for the day. Two large deposits totaling 16.38 million ENA were made to centralized exchanges, raising concerns of a major price drop. Despite this, the entities still hold a substantial amount of ENA, suggesting a temporary retracement. The Ethena price has seen selling pressure at $1.31 and may drop 16% to challenge a support level of $0.88.



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