The cryptocurrency market is experiencing a wave of selling pressure, with Bitcoin leading the way and Ethereum (ETH) facing a significant decline. This downturn was further exacerbated by the actions of large whales who dumped large amounts of ETH, raising concerns about the future of the Ethereum ecosystem. On the other hand, whales who own PENDLE and ENA Coin took action. Here are the details…
Whales are abandoning ETH
Data from Lookonchain reveals that a total of 31,683 ETH worth approximately $106 million were sold in a coordinated manner by four leading whales or institutions. These significant transactions, involving players such as Cumberland, 0xC3f8, 0x1717, and Alameda/FTX, undoubtedly contributed to the sharp decline in ETH price, which currently stands around $3,250 after falling a staggering 8%.
Crypto analyst Fred Krueger further fueled the bearish sentiment by expressing concerns about the Ethereum narrative. It cites several factors affecting the ETH ecosystem, including ongoing investigations into the Ethereum Foundation, the recent Wells Notice issued to Uniswap, the lack of an Ethereum ETF in the near future, and the declining popularity of NFTs. Additionally, Krueger notes increasing competition from Solana and the diminishing appeal of the “Solid Coin” narrative surrounding Ethereum.
Interestingly, amid the general selling wave, data from Lookonchain suggests that a single whale may have shown remarkable foresight. On April 13, just before the market decline, this whale address deposited 6,700 ETH back to Binance after previously withdrawing a much larger amount (26,698 ETH) for staking purposes. This seemingly cautious move can be interpreted as the market’s expectation of a possible decline.
PENDLE and ENA coin activity is heating up
While Ethereum faces negative headwinds, a different story is emerging with ENA, a token associated with Ethena, a decentralized fashion platform. According to The Data Nerd’s observations, several whale addresses have actively withdrawn ENA from centralized exchanges (CEXs) and deposited it to Ethena Labs for staking in the last 24 hours. These transactions involve a significant amount of ENA, with individual withdrawals ranging from 1.5 million ENA to 5.58 million ENA.
This increase in ENA staking activity despite the 13% price drop in the last 24 hours may indicate that some investors remain optimistic about the long-term potential of the project. Similarly, another whale address withdrew 150,000 PENDLE (approximately $920,000) from Binance on April 13, according to data from on-chain data analyst Yu Jin. This address has withdrawn a total of 1.411 million PENDLE (approximately 8.82 million USD) from Binance in the last 6 days.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.