Whale Accumulates ENA as Most Holders Stay in Loss
Key Takeaways
- A new whale wallet has accumulated 14.57 million ENA worth 4.41 million USD.
- Currently, 93.88% of ENA holders are at a loss.
- Derivatives trading volume rose by over 110%, but without clear bullish signals.
- Large investors show mixed behaviour – strong inflows in May, decline over the past 7 days.
- Technical support is at $0.25, resistance at $0.50.
Whale Activity: A Sign of Confidence or Just a Snapshot?
A newly created multi-signature wallet recently acquired 14.57 million ENA tokens worth 4.41 million USD from Binance and Bybit exchanges. These transactions were moved into a so-called Gnosis Safe – a wallet solution for long-term storage. This suggests the buyer is not interested in short-term trading but is instead accumulating strategically.
Despite this significant purchase, the question remains: Is this a turning point for ENA or just an isolated event? Market uncertainty persists.
The Majority of Investors Are in the Red
According to data from IntoTheBlock, 93.88% of all ENA holders are currently “out of the money” – meaning they are at a loss. Only 0.39% are in profit, while 5.73% are holding their tokens at the current market value. Many of these investors purchased their tokens at prices between $0.35 and $0.50.
This leads to what is known as a supply overhang: as soon as the price rises temporarily, many of these investors may sell to limit losses. This makes a sustainable recovery more difficult.
Large Investors: May Was Strong, June Shows Weakness
In May, the net inflow of large wallets increased by 10,659%, indicating intense accumulation. However, this trend reversed over the past seven days, with the value dropping by -1982%. This could indicate profit-taking or a wait-and-see approach.
The 90-day change remains at +430%, signalling long-term interest. Nevertheless, short-term developments show that confidence among large investors is currently fluctuating.
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Derivatives Trading: Activity Rises, Conviction Lacking
Trading volume in the ENA derivatives market rose by 110.53% to around 900 million USD. At the same time, open interest – the total value of open positions – increased by 10.66% to 430 million USD.
These figures show that traders are active, particularly after the recent price increase. However, liquidation data suggests that the rise was partly driven by short squeezes – the closing of short positions. Around 245,000 USD in shorts were liquidated, compared to 136,000 USD in longs. This points more to speculative moves than to sustainable buying power.
Technical Analysis: Support at $0.25, Resistance at $0.50
ENA continues to trade within a broad consolidation zone. The lower support around $0.25 has recently held up multiple times. The stochastic RSI – a technical indicator – is near the oversold area, indicating a potential recovery.
A short-term increase brought the price into a high-liquidity zone between $0.33 and $0.34. However, the next significant resistance lies just below $0.50. For a sustainable breakout, ENA must surpass these zones with increased trading volume and stable demand.
Our Assessment
The recent whale purchase shows interest in ENA, but that alone is not enough. The majority of investors are sitting on losses and may sell during any recovery. The derivatives market is active but not convincingly bullish. Large wallet behaviour is also inconsistent.
For a true trend reversal, ENA needs:
- Renewed accumulation by large investors
- Rising trading volume in the spot market
- Stable prices above $0.35
Until these factors are met, the situation remains uncertain. Short-term opportunities exist, but the risk remains high. Anyone investing should closely monitor developments and watch for clear signals.
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