The mysterious cryptocurrency Whale has sparked speculation across the community after making hostile moves towards $ENA, Ethena’s native token. Lookonchain, an on-chain analytics platform that closely monitors numerous transactions involving the movement of huge amounts of assets, announced the news through its official X account.
A mysterious whale is buying $ENA.
The whale withdrew 13.11 million $USDC from #Binance and #Bybit and then deposited 6.6 million $USDC into #Hyperliquid to purchase $ENA.
So far, he has spent $5.1 million USDC to buy $17.76 million ENA at $0.2874. https://t.co/b19JP8F4VLhttps://t.co/yjpiXqpRmE… pic.twitter.com/5brLUVQY00
— Lookonchain (@lookonchain) November 28, 2025
A large amount of tokens being withdrawn is a sign of something big happening in the future. Similarly, Whale withdrew $13.11 million from major exchanges such as Binance and Bybit, according to data collected by Whale. This huge amount will be invested in the Hyperliquid platform as $6.6 million USDC. There are clear signs that stablecoins are far better parked than held.
Whale’s $ENA purchase reflects pure market sentiment
According to Lookonchain, The Whale has already spent $5.1 million USDC and achieved $17.76 million ENA, with an average purchase price of $0.2874 per token. It is human nature to move in that direction wherever we see an advantage. This move clearly represents this idea.
This estimate is being made by the traders themselves, despite the lack of clear messages or announcements from $ENA. They find it attractive to hold $ENA only after observing significant ups and downs in market sentiment. This purchase is completely based on the perception and analysis of buyers and traders.
Whale accumulation boosts initial confidence in $ENA market outlook
Whale accumulation has historically played an important role in demonstrating early market confidence, especially in mid-cap tokens. Buyers have become cautiously aware of this volatility and potential upward pressure, causing them to think about future trends in the market and take action accordingly. They believe that such growth suggests that $ENA may be updated in the future with a larger audience and attention.
On-chain activity has raised fears that buyers will invest more $USDC to earn $ENA for holder status upgrades. There are a large number of people who are clinging to the market for future decisions and trying to validate their future choices.
