The mysterious whale experienced a loss of 70 million dollars in the ENA collapse.

Yesterday, a noteworthy event occurred in the cryptocurrency market. The price of ENA dropped sharply from $0.46 to $0.395 within just one hour, triggering a massive liquidation on the Hyperliquid exchange. This sudden decline created fear and uncertainty among investors, leading to increased market activity.

According to data from the on-chain analysis platform Lookonchain, a mysterious whale known by the pseudonym '0x579f' was completely liquidated during the ENA crash. This whale lost a total of $2.91 million by losing the assets held in two wallets.

Interestingly, it was revealed that this whale had recently invested $2.91 million in USDC to open a position worth approximately $70 million. The opened position included 44.79 million ENA (long), 232 Bitcoin (short), and 5,810 Ethereum (short). The sudden movement in the ENA price made the liquidation of this position inevitable.

The decline was not uniform across all exchanges; the largest drop occurred on Hyperliquid. This situation shows that the intense use of leverage on the platform can lead to abrupt price movements. Investors may benefit from reviewing their strategies related to leveraged trading.

Behind this crash is the strategic partnership signed by Ethena Labs, the developer of ENA, with Donald Trump’s crypto company WLFI in recent months. This particular situation continues to generate curiosity within the cryptocurrency community. Investors should closely monitor the effects of this partnership and developments in the market.

In conclusion, the current situation of ENA signifies an important price level that investors should pay attention to. By observing market conditions, creating buying and selling strategies at appropriate times can provide significant opportunities for investors.