In a large $ENA trade, a whale known as “0x687” sold 4.96M $ENA tokens on Binance, making $2.38M in profit. The tokens were sold at an average of $1.23 per token, making the total sale $6.01 million, as per the information gathered from Spot On Chain.
Another whale is offloading #DeFi tokens, and this time it’s $ENA!
Whale “0x687” unstaked and deposited 4.96M $ENA ($6.01M) to #Binance at ~$1.23, 40 minutes ago.
The whale withdrew 5.97M $ENA from Binance at ~$0.75 ($4.46M) between May 10 and Dec 2, 2024, for staking.
If… pic.twitter.com/jxy0tWo3rQ
— Spot On Chain (@spotonchain) January 6, 2025
Therefore, this move yielded a whopping 64.2 percent profit, proving the efficiency of a whale investor willing to change strategy correspondingly to market conditions.
A Strategic Build-Up
The whale invested in $ENA on May 10, 2024; after that, they started withdrawing tokens from Binance. During 206 days, they purchased 5.97 million $ENA at an average price of $0.75 per share, with an overall cost of $4.46 million.
Instead of trading and selling, the whale decided to stake his coins, profiting from the rise of $ENA’s price.
Realized and Unrealized Gains
The whale’s sell-off was a $2.38 million profit, which equals 63.93% of their investment. Also important to note is that the whale still has $ENA tokens with an unrealized value of around $464.353K, showcasing that they are quite rational in managing their money.
Market Impact
The whales typically influence high volumes, resulting in increased fluctuations in different token markets. However, $ENA has stood up to the test, continuing to rise as it did before despite the massive dumping exercise. The positive is due to a high market sentiment and high expectation of the company’s future profitability $ENA.
The whale’s activity also points to the importance of staking and trading in the world of Cryptocurrencies. They have shown the classic speculative behavior of maximizing profits by purchasing during low-priced periods and selling during high-priced periods.
Lessons from the Whale
Such activity shows the relevance of analytics tools such as Spot On Chain to track whales’ movement in real time. Observing such movements may assist the traders and the investors in relating to the share market and also in identifying when a dramatic price change is likely to occur.
Speaking of large-scale transactions in the context of the developing crypto market, data-driven approaches are gaining strength.
