I have something to share with everyone. On-chain monitoring data shows that an address just dumped 16.85 million ENA into a certain compliance platform, and the background of this holdings is quite heartbreaking.

This gentleman bought in 2024 at an average price of $1.099, investing 18.52 million USD at that time. Looking at the course of a year, ENA has dropped from that price all the way down to the current $0.2079 — you can do the math yourself, the Holdings value has evaporated by 82%. If he were to sell everything, the loss would amount to 15.02 million USD.

This is the risk of Holdings. No matter how confident you are, the market can just slap your judgment down to the ground. The recent pullback of ENA, from its peak to now, reflects a huge adjustment in market expectations for this type of asset. Some people may still be hesitating whether to cut losses, but the big players on-chain have already started to take action.