💥Beware💥! Is ENA's massive buy by whales hiding hidden worries? TVL halved + ecosystem hit, be careful of excessive good news!
The cryptocurrency world has once again seen magical operations! A suspected whale associated with Ethena Labs received 46.79 million ENA (approximately $12.78 million) from Bybit, accumulating a total holding of 451.94 million ENA (approximately $121.8 million). It appears that institutions are entering the market, but in reality, there are hidden pitfalls!
Don't forget, Ethena has just suffered a severe blow with USDe's TVL halved, crashing from a peak of $14.8 billion to $7 billion. The peg crisis has triggered market panic, and high-leverage arbitrage funds are fleeing! What's worse, their incubated DEX project Terminal Finance has completely terminated its launch, and the self-built blockchain ecosystem plan has been declared a failure!
In this whale accumulation, 21.79 million ENA is from three and a half months ago's existing chips being returned, not new off-exchange funds. There is a high probability that this is an internal chip adjustment rather than real capital entering the market! Currently, although ENA has seen a slight increase in the last 24 hours, the long-term downward trend remains unchanged. Will institutions use the news of increased holdings to dump?
Bearish 🌪️ Eating Melons 🍉
