Whales Bet Big on Ethena as Unlock Looms

Whales are positioning themselves for Ethena (ENA), despite the token's recent price action being stagnant around $0.09.

In the past 24 hours, Arthur Hayes and an ENA builder have accumulated over 7.287 million ENA, with both whales' positions amounting to more than $1.2 million.

This buying activity comes amid an upcoming token unlock scheduled for August 5, which will release 171.88 million ENA worth $15 million into the market, equivalent to 1.97% of the released supply.

The price action has been consolidating around $0.09, with more bearish signals forming despite whales positioning themselves for a potential breakout.