ENA Whale Liquidates Uniswap Position, Moves to Bybit
A significant whale holding ENA tokens has made a substantial move, withdrawing all liquidity from Uniswap and transferring 11.3 million ENA (worth $2.35 million) to Bybit.
The multi-signature wallet, identified by the address 0x6d6634d03130e37afbe77741ad01401ae30244c6, executed this transaction approximately 22 hours ago.
Analysis of the Whale's Actions:
Previous Transactions: The wallet previously purchased 7.297 million ENA from Bybit at an average price of $0.658, totaling $4.8 million.
These purchases likely occurred between April 17th and June 20th, 2024.Uniswap Liquidity: The whale subsequently added this ENA to Uniswap as liquidity, likely in an attempt to earn trading fees.
Potential Loss: Given the decline in ENA's price during this period, the whale is likely facing a significant loss on their ENA holdings.
Remaining Position: The wallet still retains 1.09 million ENA, currently valued at $226,000.
