Two major crypto whales have realized nearly $27 million in combined losses after fully exiting their positions in Ethena (ENA) and Pump.fun (PUMP).
The withdrawals underscore mounting capitulation among large holders as the broader market downturn intensifies.
Whale Sells Entire PUMP Position at 62% Loss
According to blockchain analytics platform Lookonchain, one whale wallet, labeled 3QB9kH, recently liquidated its full PUMP position.
Specifically, on-chain records reveal that the wallet acquired approximately 3.8 billion PUMP tokens on Binance between September 12 and November 4. During this period, the account expended a total of $19.53 million, at an average price of roughly $0.00513 per token.
Then, last Friday, the wallet transferred its entire balance to FalconX for sale. The transaction generated approximately $7.3 million but resulted in a realized loss exceeding $12 million. This represented a decline of roughly 62% of the original investment.
ENA Whale Realizes Nearly $15M Loss After Full Exit
A similar pattern emerged with Ethena (ENA). Another whale wallet, identified as 0x72F8, moved its entire ENA holdings, equivalent to 16.86 million tokens, to Coinbase Prime.
The wallet acquired ENA around a year ago at prices near $1.10, with a total acquisition cost of approximately $18.53 million. However, at current market prices, the position was valued at just $3.51 million at the time of transfer.
This indicates that the realized loss was roughly $15 million, underscoring the severity of drawdowns being absorbed by large investors in high-beta altcoins.
Altcoins Underperform as Risk Appetite Fades
Losses in ENA and PUMP reflect a broader trend across the altcoin market, where reduced liquidity and declining risk appetite have amplified downside moves. Both tokens have dropped more than 60% from their recent highs, significantly underperforming the broader market.
These sharp declines suggest that capital is rotating away from speculative assets as investors prioritize capital preservation.
Bitcoin and Ethereum Set the Broader Market Tone
The whale exits come amid a sustained crypto market downturn that began on October 10. During this period, the total cryptocurrency market capitalization fell from about $4.1 trillion to $2.97 trillion at the time of writing.
Bitcoin has led the decline, falling more than 30% after peaking near $126,080 on October 6. It was last trading around $87,662, down roughly 1.7% over the past 24 hours.
Ethereum has followed a similar trajectory, sliding from about $4,369 to near $2,974, also marking a drawdown of around 30%.
While losses in major assets have shaped overall sentiment, the outsized declines in ENA and PUMP show that smaller, riskier tokens are bearing the brunt of the selloff, prompting even whales to capitulate.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
