Galaxy Digital's Strategic $ENA Sell-off Amidst Market Fluctuations
According to Spot On Chain, Galaxy Digital deposited 4.46M $ENA to Binance as the price dropped, summing up their total sell-off to 10.85M $ENA within 29 hours, achieving a 23.5% profit.
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According to Spot On Chain, Galaxy Digital deposited the remaining 4.46 million $ENA, worth approximately $4.92 million, to Binance nine hours ago. This move occurred amidst a significant plunge in $ENA's price. Over the past 29 hours, Galaxy Digital has offloaded a total of 10.85 million $ENA, amounting to $12.4 million at an average price of $1.144 per token. This strategic sell-off has reportedly resulted in a profit of $2.37 million, marking a 23.5% gain. The timing of these deposits coincides with $ENA experiencing heightened volatility, suggesting a possible strategic maneuver to capitalize on market conditions.
The trading implications of Galaxy Digital's actions are profound. Their substantial offloading represents a significant portion of the trading volume on Binance, potentially impacting liquidity and price stability. As $ENA's price continues to fluctuate, traders must consider the effects of such large-scale transactions on short-term price movements. Notably, the combined deposit from three major whales, including Galaxy Digital, to Binance and Bybit in the past two days totals 25.81 million $ENA, valued at $30.43 million. This influx of tokens into the market could exert downward pressure on $ENA's price, offering traders opportunities to enter at lower prices or adjust their positions accordingly.
Technical indicators during this period reveal increased trading volumes, particularly on Binance, where the majority of $ENA activity is concentrated. As of the latest data, the Relative Strength Index (RSI) for $ENA has dipped below 30, indicating an oversold condition, which might signal a potential bounce-back in price if buying interest resurfaces. Additionally, On-Balance Volume (OBV) suggests that despite the sell-off, buying interest remains relatively strong, possibly due to speculation of price recovery. Traders should closely monitor these indicators, alongside market depth data, to identify optimal entry and exit points. The ongoing activities of large holders like Galaxy Digital serve as a reminder of the impact institutional movements can have on cryptocurrency markets.
The trading implications of Galaxy Digital's actions are profound. Their substantial offloading represents a significant portion of the trading volume on Binance, potentially impacting liquidity and price stability. As $ENA's price continues to fluctuate, traders must consider the effects of such large-scale transactions on short-term price movements. Notably, the combined deposit from three major whales, including Galaxy Digital, to Binance and Bybit in the past two days totals 25.81 million $ENA, valued at $30.43 million. This influx of tokens into the market could exert downward pressure on $ENA's price, offering traders opportunities to enter at lower prices or adjust their positions accordingly.
Technical indicators during this period reveal increased trading volumes, particularly on Binance, where the majority of $ENA activity is concentrated. As of the latest data, the Relative Strength Index (RSI) for $ENA has dipped below 30, indicating an oversold condition, which might signal a potential bounce-back in price if buying interest resurfaces. Additionally, On-Balance Volume (OBV) suggests that despite the sell-off, buying interest remains relatively strong, possibly due to speculation of price recovery. Traders should closely monitor these indicators, alongside market depth data, to identify optimal entry and exit points. The ongoing activities of large holders like Galaxy Digital serve as a reminder of the impact institutional movements can have on cryptocurrency markets.