Whale Buys $4M Ethena as Token Price Slips 3.65%

Edgen Crypto

·Mar 24 2026, 22:38

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Key Takeaways

A single whale acquired $4 million in Ethena (ENA) tokens on March 24, a significant vote of confidence that directly contrasts with the token's simultaneous price decline. This accumulation occurs as the broader crypto market shows signs of recovery but remains in a state of 'Extreme Fear,' suggesting a potential contrarian play by a large investor.

A single wallet executed a $4 million transaction for Ethena (ENA) tokens on March 24, 2026, signaling accumulation by a large holder.
Despite the large purchase, ENA's price fell 3.65% to $0.09258, making it a top market loser for the day.
The move coincides with a market-wide 'Extreme Fear' sentiment reading of 11, a condition often exploited by investors anticipating a price bottom.

Whale Accumulates $4M Despite 3.65% Price Drop

On March 24, 2026, a significant on-chain transaction showed a single whale acquiring $4 million worth of Ethena (ENA). This large-scale accumulation typically signals strong conviction from a major market participant. However, the move was met with immediate selling pressure in the broader market. The ENA token's price fell 3.65% to $0.09258 over the same 24-hour period, placing it among the day's top cryptocurrency losers. This divergence highlights a stark conflict between the whale's long-term bullish outlook and the market's prevailing bearish sentiment.

Crypto Market Rises 3.5% Under 'Extreme Fear'

The whale's contrarian bet occurred as the global cryptocurrency market capitalization rose 3.5% to $2.5 trillion, with Bitcoin climbing 4.05% to $70,762.5. Despite these gains, the Fear & Greed Index registered a reading of 11, indicating a market gripped by 'Extreme Fear.' Historically, periods of intense fear can present buying opportunities for investors who anticipate a trend reversal. The accumulation of ENA during a market-wide panic suggests the whale may be positioning for a structural recovery, absorbing short-term selling pressure to secure a large position at a discounted price.