Blockchain tracking firm Lookonchain says a crypto trader is looking at massive losses after one decentralized finance (DeFi) project underwent a severe correction.
According to Lookonchain, a crypto whale sold nearly 18 million Ethena (ENA), a synthetic dollar protocol built on Ethereum (ETH), for a loss of more than $12 million after the altcoin plunged below $1.
“A whale sold off all ENA and lost over $12 million! This whale unstaked 17.87 million ENA ($8.78 million) [on Monday] and deposited it to Binance. The whale had accumulated these ENA on Binance at an average price of $1.17, resulting in a loss of over $12 million.”
ENA is trading for $0.4484 at time of writing, down 4.6% in the last 24 hours.
Next up, Lookonchain reports that crypto whales are buying up top altcoin Ethereum as its price chops around $2,600.
“It seems that whales are accumulating ETH!
0xb99a…BcF5 withdrew 56,909 ETH ($151.6 million) from Binance [Monday].
0xEd0C…4312 withdrew 64,603 ETH ($171.8 million) from Binance and Bitfinex [over the weekend].”
US President Trump’s crypto project World Liberty Financial (WLFI) is also buying more ETH as well as layer-2 project Movement (MOVE), according to Lookonchain.
“Trump’s World Liberty bought another 3,191 ETH ($10M) and 2.4 million MOVE ($1.88 million) [on January 28th…
Trump’s World Liberty just spent 156,667 USDC to buy 273,937 MOVE again [on Monday].”
ETH is trading for $2,604 at time of writing, down 2.1% in the last 24 hours. Meanwhile, MOVE is trading for $0.5416 at time of writing, down 1.6% on the day.
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Generated Image: Midjourney
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