Major Crypto Whales Sell ENA and PUMP, Incurring $27 Million in Combined Losses

Summary:
Two significant crypto investors, often referred to as whales, have suffered almost $27 million in collective losses after deciding to sell off their holdings in Ethena (ENA) and Pump.fun (PUMP). This trend illustrates the increasing capitulation among large crypto holders as the wider market continues its downturn.

Key Takeaways

Two whales realized nearly $27M in losses by fully selling their ENA and PUMP holdings.
The whale associated with PUMP incurred over $12 million in losses after a 62% drop from their initial investment.
The ENA whale faced a loss of around $15 million following a substantial decline in token value.
These losses reflect general struggles in the altcoin market, where reduced risk appetite is leading to sharp declines in value.
Bitcoin and Ethereum's performance continues to influence market trends, with both assets experiencing significant price drops.

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Whale Sells Complete PUMP Holdings at a 62% Loss

Recent data from the blockchain analytics service Lookonchain shows that one significant wallet, identified as 3QB9kH, has liquidated its entire investment in PUMP. This wallet had originally purchased about 3.8 billion PUMP tokens on Binance between September 12 and November 4, investing approximately $19.53 million at an average price of about $0.00513 per token.

Last Friday, the whale transferred all of its PUMP tokens to FalconX for sale, generating approximately $7.3 million from the transaction but incurring a realized loss exceeding $12 million. This represents a sharp decline of roughly 62% from their initial investment.

ENA Whale Faces Nearly $15 Million Loss After Full Exit

A similar trend can be seen with another whale wallet, tagged as 0x72F8, which moved its entire ENA holdings—amounting to 16.86 million tokens—to Coinbase Prime. This wallet had initially acquired ENA around a year ago at approximately $1.10, accumulating a total investment of about $18.53 million. However, by the time of transfer, the market valuation of this position had plummeted to roughly $3.51 million.

This transaction highlights a realized loss of around $15 million, emphasizing the challenging conditions faced by large investors in high-risk altcoins.

Altcoins Struggle as Risk Appetite Diminishes

The declines seen in ENA and PUMP are symptomatic of a larger trend affecting the altcoin market. Diminished liquidity and waning risk appetite among investors have intensified price declines. Both tokens have fallen over 60% from their most recent peaks, significantly lagging behind the broader market.

Such sharp drops indicate that capital is shifting away from speculative investments, with investors prioritizing capital preservation over riskier assets.

Bitcoin and Ethereum Influence Overall Market Trends

The exits by these whales occur during a prolonged downturn in the crypto market that has persisted since October 10. During this timeframe, the total cryptocurrency market cap dropped from approximately $4.1 trillion to $2.97 trillion as of this writing.

Bitcoin has been at the forefront of this decline, falling more than 30% after reaching a peak near $126,080 on October 6; it was last trading around $87,662, showing a decrease of about 1.7% in the past 24 hours. Ethereum has mirrored this downward trend, dropping from around $4,369 to approximately $2,974, also representing a roughly 30% decline.

While the losses in these leading assets have set the tone for market sentiment, the larger drops in ENA and PUMP indicate that smaller, riskier tokens are enduring the harshest effects of the selloff, leading even major investors to divest their positions.

Disclaimer: This article is informational and should not be considered financial advice. The opinions expressed herein may not reflect those of The Crypto Basic. Readers are encouraged to conduct thorough research before making investment decisions. The Crypto Basic is not accountable for any financial losses incurred.