ENA, the native token of Ethena—an Ethereum-based synthetic dollar protocol—has been the market’s top loser over the past 24 hours. The altcoin trades at $0.42, plunging over 10% during that period.

The price decline comes as one of the largest ENA stakers unstakes their entire holdings and sends them to crypto exchange Binance. 

ENA Whale Triggers Selloff

During the early Asian trading hours on February 11, a major Ethena whale, identified as wallet 0x8f9, unstaked its entire holding of 17.875 million ENA (valued at $8.78 million) and deposited it to Binance.

According to on-chain sleuth Spotonchain, this whale had accumulated ENA at an average purchase price of $1.167, mostly during price peaks. With the altcoin currently trading at $0.43, selling at this level would result in a massive loss for the whale.

When whales transfer large amounts of their tokens to exchanges, it signals a potential sell-off, increasing market supply and lowering prices. This can trigger bearish sentiment among traders, leading to heightened volatility and further price declines.

The negative funding rate that currently trails ENA reflects this bearish sentiment. According to Coinglass, this is at -0.012%.

Funding rates are periodic payments between long and short traders in perpetual futures contracts. It ensures that the asset’s contract price aligns with its spot price. 

When an asset’s funding rate turns negative, it indicates that short positions are dominant. It means traders are paying to stay short, which can signal strong bearish sentiment but also increase the risk of a short squeeze if sentiment shifts.

ENA Price Outlook: Will Selling Pressure Push It Lower?

ENA is currently trading at a three-month low of $0.42, facing heightened selling pressure. If whale 0x8f9 offloads its 17.875 million ENA on Binance, the lack of sufficient buy-side demand could drive the price further down, potentially breaking below $0.41 and sliding toward $0.31.

However, a surge in overall demand for ENA could absorb the selling pressure, counteracting the whale’s potential exit. In a bullish scenario, increased buying momentum could push the token’s price to $0.51.

Bitcoin (BTC) price has been struggling below $100,000 for the past eight days. Despite this, BTC keeps its position as the biggest crypto by far, with a market cap of $1.9 trillion.

Whale accumulation has slightly recovered from recent lows but remains weak compared to previous months, suggesting cautious sentiment among large holders. If BTC fails to build buying pressure, it could face further downside, while a breakout above key resistances could reignite bullish momentum.

BTC Ichimoku Cloud Shows Mixed Signals

The Ichimoku Cloud for BTC shows a mixed signal. The price is currently trading near the cloud but lacks a strong trend. The Kijun-sen (red line) and Tenkan-sen (blue line) are close together, indicating weak momentum and potential consolidation.

The cloud itself is thin in some areas, suggesting that the indicator provides little resistance or support. Additionally, the price has recently moved below the cloud, which is generally a bearish sign, but the cloud ahead is turning neutral, meaning the trend remains uncertain.

The Senkou Span A (green) and Senkou Span B (red) are nearly flat, reinforcing the lack of a strong directional bias.

The Chikou Span (green line) is hovering around the price, further confirming the market’s indecision. If the cloud ahead starts expanding, it could provide better trend clarity, but for now, the market seems to lack strong momentum.

The combination of a thin cloud and compressed indicator lines suggests Bitcoin is in a phase of low volatility, where neither bulls nor bears have full control.

Bitcoin Whales Still Struggle After Reaching Year-Low Levels

The number of BTC whale addresses, those holding at least 1,000 BTC, recently hit a yearly low of 2,034 on January 29, after a sharp decline throughout January. While it attempted a rebound, reaching 2,043 on February 6, the number dropped again before starting a slow recovery to 2,050.

Tracking whale activity is crucial because these large holders often influence market liquidity and volatility.

A decreasing number of whales can indicate reduced accumulation from major investors, potentially leading to weaker price support.

Although the whale count has rebounded slightly from its lowest point, it remains at relatively low levels compared to previous months. This suggests that while some large holders are returning, there hasn’t been a strong resurgence in accumulation.

A sustained increase in whale addresses could signal renewed confidence in BTC, while continued stagnation or decline may indicate cautious sentiment among major investors.

If whales remain hesitant to accumulate, BTC’s price could struggle to build strong upward momentum in the near term.

BTC Price Prediction: Will BTC Reclaim $100,000 Soon?

Bitcoin EMA lines remain bearish, with short-term EMAs still positioned below long-term ones. Currently, Bitcoin price is trading near the key support level of $96,700, which is crucial for maintaining stability.

If this level is tested and broken, selling pressure could intensify, leading to a drop toward $91,274.

However, if BTC price can establish an uptrend, the first major resistance to watch is $97,766. A breakout above this level could signal a shift in momentum toward $100,222.

If the uptrend strengthens, BTC could test $102,700, and a continuation of strong bullish momentum could push it further to $106,300.

Bitcoin ETF outflows continue as Powell’s rejection of rate cuts and high inflation trigger a pullback from institutional investors. However, the Ethereum ETF market performed well, showing strong confidence and investor appetite for buying the dip.

It may be alluring to suggest that high inflation will decrease investment across the entire crypto market, but other factors can overcome this bearish headwind.

Bitcoin ETFs Feel the Inflation

Since the SEC first approved Bitcoin ETFs in 2024, they’ve heralded a wave of integration between the crypto industry and traditional finance. In some ways, crypto has benefitted greatly, with BlackRock’s IBIT counting as one of the most successful ETFs ever. This market entanglement, however, can sometimes have a negative impact, as shown by recent outflows:

Yesterday, the Bitcoin ETF market saw $56.76 million in outflows, with $243 million in total outflows this week. This may seem surprising at first, considering that these funds were headed toward a dramatic recovery less than a month ago.

However, the BTC ETFs saw their first week of net outflows in 2025 last week, and outflows have since continued.

A few factors in the broader market help explain this phenomenon. Top-level analysts have predicted that US inflation and economic policies will have an outsized role on the crypto market, and that prediction is coming true. Yesterday, Jerome Powell rejected President Trump’s plan to use rate cuts to reduce inflation.

Powell’s decision does have a few positive factors for crypto, but in the short term, it’s making investors very skittish. US inflation climbed to 3% YoY this morning, causing capital to pull back from Bitcoin and its ETF market.

However, these factors have not halted the momentum of Ethereum ETFs, as they saw inflows of $12.58 million yesterday.

Perversely, this ETF category is actually gaining from its asset’s underlying woes, in contrast with Bitcoin. Last week, these products saw a huge rush in trading volume as investors sought to buy the dip. Since then, Ethereum has stayed low, pushing ETF inflows to a two-month high.

In short, inflation and other broad market factors have triggered a brief pullback for Bitcoin ETFs, but they aren’t the only factors in play. For Ethereum, there seems to be a strong short-term confidence.

The upcoming Pectra upgrade in March and recent purchases from Donald Trump-backed World Liberty Financial have driven institutional interest in the largest altcoin. So, the US spot Ethereum ETF market might continue to see net inflows as long as ETH is below $3,000.