ENA Emerges as the Biggest Loser Among the Top 55 Cryptocurrencies Today, Experiencing a Sharp Decline of Over 15%

ENA has taken the biggest hit among the top 55 coins today, with a sharp decline of over 15%.

The sell-off has been driven by intense selling pressure from whales and institutions, including Galaxy Digital, which have collectively offloaded millions of ENA tokens.

As highlighted by on-chain data, Galaxy recently deposited 4.46 million ENA ($4.92 million) to Binance via two wallet addresses. This brings their total offloading over the past 29 hours to 10.85 million ENA ($12.41 million). The institution likely booked a profit of $2.37 million (+23.5%) on this trade, considering an average sell price of $1.144.

Galaxy isn’t the only entity contributing to the sell pressure. Over the past two days, three major whales/institutions, including Galaxy, have collectively deposited 25.81 million ENA tokens (worth $30.43 million) to Binance and Bybit. This coordinated activity has added significant downward pressure on the token's price.

Galaxy deposited the remaining 4.46M $ENA ($4.92M) to #Binance 9 hours ago as the price plunged.

This brings their total offloading to 10.85M $ENA ($12.4M) at an average price of $1.144 over the past 29 hours, resulting in a likely profit of $2.37M (+23.5%).

Overall,… https://t.co/14BQTLpGhL pic.twitter.com/lVZUdkfD72

— Spot On Chain (@spotonchain) January 8, 2025

ENA’s poor performance today is reflected in its status as the biggest loser among the top 55 cryptocurrencies. The token has struggled to maintain its footing, with its price plummeting more than 15% within a single trading day.

This sell-off highlights a broader trend of institutional profit-taking, which has left retail investors scrambling to assess the impact. Unless demand picks up or sell pressure eases, ENA could face further declines in the short term. The current market sentiment underscores the token’s vulnerability to whale movements and institutional trading strategies.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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