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Ethena: Analyzing impact of 6.46 million USD whale action on ENA’s price

The deposit of 7.85 million ENA tokens by BitMEX co-founder Arthur Hayes into exchanges Binance and Bybit has created market volatility, causing ENA’s price to drop below critical support levels. Now trading at 0.803 USD, its bearish trend raises concerns among investors.

Despite the downturn, with 1,351 daily active addresses maintained, user engagement remains robust. The MVRV ratio at 142.31% shows underlying positive sentiment among long-term investors, hinting at potential market resilience even with current bearish fluctuations.

This is community-generated content, not advice from ONUS.
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