Whales Feast While Peasants Panic-Sell: The Ethena Circus Rolls On

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It was a grey and drizzly afternoon in the crypto markets-precisely the sort of weather one expects when dreams go bust and wallets empty. Ethena [ENA], that plucky digital hopeful once basking in the warm glow of speculative adoration, had once again been flung into the soup, dropping to levels last seen when the pigeons were still picking through the rubble of the October 10th market crash. Having gallantly attempted to scale the $0.25 summit-only to be repelled like a clueless mountaineer without oxygen-our erstwhile hero tumbled back to $0.17, moaning softly under the weight of relentless selling pressure.

At the time of writing (and wiping one’s brow), ENA was trading at $0.17, down a heart-stopping 20% on the weekly chart. The downtrend, now in its fourth week, shows all the resilience of a soggy biscuit. Yet amid this desolation, a curious thing occurred: the whales-those blubbery leviathans of the investment deep-poked their snouts above water and began noisily sucking up ENA like it was plankton at an all-you-can-eat buffet.

Ethena Whales: Nature’s Oddities Return to Feed

In what can only be described as a reversal more dramatic than a second-act twist in a West End farce, whale activity in ENA has surged to levels not seen since the halcyon days of early January, when optimism ran as high as the price. According to the ever-watchful chaps at Nansen (who clearly need a hobby), top holder addresses recently scooped up 118 million ENA-worth a cool $20 million-while simultaneously offloading a measly 96 million (roughly $16.3 million). The math, for those still capable of it, reveals a positive net intake of fish-er, tokens-of considerable magnitude.

The Whale Balance Change, that barometer of bullish blubber, has now been positive for two consecutive days, rising to 103 million ENA. When such cetaceans grow enthusiastic for more than 48 hours, one may reasonably deduce that they believe the bottom is in-though given that whales have previously mistaken underwater volcanoes for bargain bins, we’ll reserve judgment until cocktail hour.

The Whale Buy Activity metric, recently promoted from obscurity, has also chimed in with alarming enthusiasm. Whale Buy Volume leapt to 37 million, while the average buy volume danced up to 42 million-numbers that, if interpreted charitably, indicate “strong investor interest,” and if interpreted honestly, suggest “a few rich blokes placing bets while sipping rare scotch.”

One particularly enterprising whale-tracked by the sleuths at Lookonchain-exemplified this bullishness by withdrawing 10 million ENA (worth a punchy $1.75 million) from Bybit and promptly staking it. Not burying it, mind you, nor converting it into rare meteorite NFTs, but staking it-like a prudent Edwardian landowner letting his estate generate modest, dignified interest. A defensive move, to be sure, but also possibly the most responsible thing any crypto investor has done since 2017.

This, dear reader, suggests that the great white (whales) now believe ENA has reached rock bottom. Whether the rock is solid or merely a crumbling cliff face remains to be seen.

Meanwhile, the Peasants Flee in Droves

While the whales dined at the table of opportunity, the retail investors-ever the nimble-footed sprinters toward financial ruin-continued their exodus with the grace of a mob fleeing a collapsing circus tent.

CoinGlass, that chronicler of retail despair, reports that exchange inflows have outpaced outflows for three days straight. A cool $46.38 million in ENA flooded into exchanges, compared to a paltry $44.51 million exiting. The numbers don’t lie-at least, not often enough to be useful.

At press time, Spot Netflow had ballooned 123% to $1.87 million-an unmistakable sign of aggressive selling, as if every underpaid intern with a Robinhood account suddenly remembered rent was due. Seller strength pegged resolutely between 54 and 67, indicating that yes, the bears were not only present but running the show, complete with clown makeup and a drum kit.

And let us not mince words: heightened selling pressure, like a bad vaudeville act, rarely ends well. It tends to drag prices downward with the grim determination of a butler removing an uninvited guest.

The Showdown: Cetaceans vs. Commoners

Thus, we arrive at the ring. The battle lines are drawn. On one side: the whales, serene and gluttonous, hoovering up supply with the calm of seasoned gamblers. On the other: the retail herd, panic-selling with all the coordination of a henhouse during a fox invasion.

The altcoin’s Relative Strength Index (RSI)-that oft-misunderstood mood ring of traders-has slumped deeper into bearish territory, teetering on the edge of oversold. At press time, sellers had firmly seized control, their dominance as complete as a headmaster after discovering the prefects have been stealing the sherry.

To add insult to injury (or clarity to chaos, depending on your glass), ENA has been trading below every moving average worth mentioning: 20, 50, 100, and 200. In technical analyst parlance, this is “bearish.” In plain English, it means the price hasn’t had a nice word said about it in weeks.

The momentum suggests that, whale appetite notwithstanding, the downside remains very much in play. Should selling persist with its current vim, ENA may breach the $0.17 support and sink-like a confused badger in a welly-to $0.13.

But should the whales’ coordinated gorging finally shift market sentiment, Ethena might attempt a stiff-upper-lip recovery, aiming to flip the 20- and 50-EMA at $0.20 and $0.23 respectively-levels so distant they might as well be in the next postal code.

Final Thoughts

  • A single whale, presumably clad in a silk smoking jacket, bought 10 million ENA and staked them-for honor, for yield, and possibly for tax reasons.
  • ENA plunged 20% on weekly charts as retail traders, true to form, sold first and asked questions never.

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2026-01-24 05:17