ENA Whale Faces Severe Losses After Accumulating 10.59 Million Tokens

A follow-up conducted by The Data Nerd reveals the difficult situation of an investor whale in the Ethena ecosystem. This wallet, identified with the address 0xaf3, currently holds a position of 10.59 million ENA tokens with a market value close to $6.5 million, but faces an unrealized loss of approximately $2.97 million.

The Cost of Accumulation

The history of this whale shows a sustained buying strategy over the past 10 months. Its average entry price was around $0.614 per token, representing a negative return on investment of -45.7%. This gap between the acquisition cost and the current value highlights the impact of market volatility on long-term positions.

Recent Movements

Just an hour ago, according to data monitored by The Data Nerd, this address received a transfer of 3.4 million ENA tokens valued at approximately $953,000 from Wintermute. This movement could represent a portfolio rebalancing strategy or a continued accumulation of ENA positions during the current depressed price environment.

Market Context

With ENA currently trading at $0.22, the tokens held by this whale reflect the bearish pressure that has characterized Ethena’s recent performance. Despite the significant losses, ongoing buying activity suggests that some institutional players maintain confidence in the protocol’s long-term prospects.