The native token of Ethena, ENA, has experienced a significant price decline of over 10% in the past 24 hours. This drop occurred after a major ENA holder unstaked their entire holding of 17.875 million ENA and deposited it on Binance. The whale had accumulated ENA at an average purchase price of $1.167, indicating that selling at the current price level would result in a substantial loss. The transfer of tokens to exchanges by whales often indicates a potential sell-off, leading to increased market supply and lower prices. The negative funding rate for ENA further reflects this bearish sentiment. If the whale offloads their ENA on Binance and there is not enough buying interest, it could drive the price further down. However, if there is a surge in overall demand for ENA, it could counteract the selling pressure and push the token's price higher.



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