Ethena price declined for three consecutive days as exchange balances continued to rise and whales sold their tokens.
The Ethena token (ENA) fell to $0.95, falling below the psychologically important $1 mark for the first time since December 20.
The ongoing crash is caused by risk aversion in the crypto industry caused Bitcoin (BTC) and other prices lower.
This also happened when on-chain data showed whales selling their tokens. The largest transaction occurred when a whale sent 11.6 million ENA tokens worth $11 million to Binance, the largest crypto exchange. In another transaction, a trader transferred $10.7 million worth of ENA tokens to Binance.
Ethereum whales offloaded $30 million worth of tokens on Thursday, December 26th. These sales came a week after Arthur Hayes, Bitmex founder and former investor, sold some of his ENA tokens. According to Nansen, Hayes now owns 18,616 coins worth $17,458.
Ethena’s price also fell as the token continued to rise on exchanges, a popular bearish view. These tokens increased by 5.82% in the last seven days to over 730.27 million. The total supply on the exchanges rose by 0.27% to 4.87% a week ago.
Meanwhile, inflows into Ethena’s USDe stablecoin have stalled. The coin has a market cap of $6 billion, where it has been in recent days, a sign of sluggish demand.
Ethereum price analysis
The technicals suggest that Ethena may have to go even further lower as a head and shoulders price has formed…
