🐋 Whale Alert: Massive ENA Transfer to Coinbase

A single, high-impact transaction has caught the market’s attention. An anonymous whale has transferred 16.85 million ENA tokens to Coinbase, reportedly locking in a significant loss.

Such moves typically signal capitulation or forced risk management, not strength. When large holders sell into weakness, it often reflects panic rather than fundamentals—and historically, these moments tend to precede stabilization or a short-term bounce once selling pressure exhausts.

This looks like a late-stage distribution by a stressed holder, not a structural breakdown of Ethena. Smart money watches these events closely for liquidity absorption and potential mean reversion. As always, confirmation comes from volume response and follow-through—not headlines alone.