Featured News Headlines
PUMP and ENA Underperform as Crypto Market Weakens
Large cryptocurrency holders are increasingly exiting positions at steep losses as the broader market downturn intensifies. Recent on-chain data highlights growing capitulation among whales, particularly in high-risk altcoins, as liquidity tightens and risk appetite continues to fade.
PUMP Whale Exits Entire Position at Heavy Loss
Blockchain analytics platform Lookonchain reported that a whale wallet identified as 3QB9kH fully liquidated its holdings in PUMP. On-chain data shows the wallet accumulated approximately 3.8 billion PUMP tokens on Binance between September 12 and November 4, spending a total of $19.53 million at an average price near $0.00513 per token.
Last Friday, the wallet transferred its entire balance to FalconX for liquidation. The sale generated roughly $7.3 million, resulting in a realized loss of more than $12 million, equivalent to a 62% decline from the initial investment. The transaction underscores the scale of losses even large holders are now willing to absorb.
ENA Whale Records Nearly $15 Million Drawdown
A similar exit was observed in Ethena (ENA). Another whale wallet, labeled 0x72F8, moved its entire ENA position—16.86 million tokens—to Coinbase Prime. The wallet accumulated ENA roughly a year ago at prices near $1.10, with a total cost basis of approximately $18.53 million.
At the time of transfer, the holdings were valued at around $3.51 million, implying a realized loss close to $15 million. The move highlights the depth of drawdowns facing large investors in volatile altcoin markets.
Altcoins Lag as Risk Aversion Grows
The sharp losses in PUMP and ENA reflect a broader underperformance across the altcoin sector. Both tokens have declined more than 60% from recent highs, significantly trailing the wider crypto market. Analysts note that capital is increasingly rotating away from speculative assets as investors prioritize capital preservation.
