Prix de Ethena cionENA

While retail traders argue on X about whether the market is “dead,” on-chain data is showing something completely different: Whales are buying again. And they’re not nibbling — they’re deploying size. Several large wallets have accumulated over $50 million in altcoins, including $ETH, $LINK, $UNI, $ONDO, $AAVE, and $ENA, during a period when most traders have been panic-selling. This is not luck. This is not gambling. This is positioning. Let’s break down why whale accumulation at this stage of the cycle matters — and what it signals about what comes next. --- 1️⃣ Whale accumulation always happens when retail is scared Smart money follows a simple rule that retail consistently overlooks: > Buy fear, sell euphoria. Whales do not buy breakouts. They buy exhaustion, liquidation points, and emotional selling. The recent accumulation wave occurred right after: Open interest washed out Funding turned negative Altcoins hit multi-month supports Sentiment hit extreme bearishness Whales stepped in while retail stepped out. Classic cycle behavior. --- 2️⃣ They’re buying quality, not memes Notice the assets being accumulated: $ETH — the base layer for global settlement $LINK — oracle dominance in RWA + institutional rails $UNI — DEX liquidity infrastructure $AAVE — blue-chip DeFi money markets $ONDO — fast-growing RWA narrative leader $ENA — new inflow beneficiary with strong liquidity These aren’t hype tokens. These are infrastructure assets in sectors with real adoption trajectories. Whales are betting on utility, not noise. --- 3️⃣ Accumulation during QT → explosive upside post-QT We are at the tail end of global quantitative tightening. Liquidity is slowly re-entering markets. Historically: When QT ends → high-beta assets outperform Altcoins react after BTC stabilizes Whale accumulation precedes upward re-pricing This is precisely how the 2019–2020 cycle played out before the 2021 boom. --- 4️⃣ Whales accumulate before catalysts, not after Retail waits for: Green candles Narratives Influencers Hype waves Whales position before catalysts hit. They are front-running: Fed rate cuts ETF inflows RWA expansion L2 user surges Renewed institutional access AI x DeFi integrations If this were distribution, whales would be selling into strength, not buying into weakness. --- 5️⃣ The key signal: they are not hedging aggressively Large wallets that accumulate while opening heavy hedges are less reliable signals. But current whale behavior shows: Spot buys Minimal perp short hedging Reduced exchange deposits Increased cold storage movement This behavior historically aligns with early-stage accumulation, not short-term trading. Bull markets begin this way: slow, quiet, and absolutely ignored by retail. --- 6️⃣ What traders should watch next If whale accumulation continues, expect: 🔹 ETH to lead the rotation It’s the preferred institutional altcoin. 🔹 LINK, AAVE, UNI — DeFi revival Liquidity + lower rates = DeFi resurgence. 🔹 ONDO, RWAs — narrative momentum Institutions love regulated tokenization assets. 🔹 Market-wide volatility expansion Accumulation → compression → breakout. --- Final Take Whales accumulate when retail capitulates. They accumulate quality before the catalysts hit. They accumulate during illiquidity, not after the recovery begins. The data is clear: Smart money is positioning early for the next leg. The question is — Are you watching price, or are you watching flows? $BTC $ETH $LINK

Today’s Outlook 1、Cathie Wood: Bitcoin is entering a new phase with smaller pullbacks; institutional adoption may help prevent steep price declines. 2、The U.S. Senate version of the crypto market structure bill is expected to be released this week, with hearings and a vote scheduled for next week. 3、US SEC Chair hints that key crypto regulatory priorities will proceed rapidly at the start of the new year, saying “the real action is yet to come.” 4、Trump: May reduce tariffs on certain goods; immediate rate cuts will be the “litmus test” for the new Fed Chair. Macro & Hot Topics 1、The U.S. Bureau of Labor Statistics confirms December inflation and employment data will be released in January next year. 2、Trump will begin the final round of interviews for the next Federal Reserve Chair this week. 3、Hassett: The Federal Reserve has ample room for significant rate cuts. Market Performance 1、In the past 24 hours, the total crypto market saw $432 million in liquidations, including $308 million from short positions. BTC liquidations amounted to $170 million, and ETH liquidations reached $136 million. 2、U.S. stocks: Dow Jones fell 0.38%, S&P 500 was flat at +0.09%, Nasdaq rose 0.13%. Additionally, Nvidia (NVDA) moved +0.31%, Circle (CRCL) rose 5.86%, and Strategy (MSTR) rose 2.89%. 3、Bitget BTC/USDT liquidation map shows: the current BTC price range (~$92,000–$93,000) is a high-density long liquidation zone, with long leverage dropping sharply, indicating concentrated long risk. In the upward zone (above $95,000), short leverage accumulates rapidly, signaling strong short liquidation pressure if price breaks higher. 4、In the past 24 hours, BTC spot inflows were about $142 million, while outflows were about $161 million, resulting in a net outflow of $19 million. News & Updates 1、Bitcoin treasury firm Twenty One saw its stock drop 20% following its merger with Cantor Equity. 2、US SEC Chair: Many types of crypto ICOs fall outside the SEC’s jurisdiction. 3、Data: Corporate Bitcoin treasuries have grown over 448% in two years, with total holdings surpassing 1.08 million BTC. 4、The Information: ChatGPT weekly active users are approaching 900 million. Project Developments 1、Nicholas Financial Corporation has filed with the SEC to launch a Bitcoin ETF that only holds BTC overnight, fully avoiding U.S. trading hours. 2、RWA tokenization network Real Finance announced a $29 million private funding round. 3、Strive launched a $500 million SATA stock ATM financing plan, with part of the proceeds allocated to Bitcoin purchases. 4、Ethena Labs withdrew 1.59 billion ENA (worth about $443 million) from Coinbase Prime. 5、Octra will conduct a $20 million public token sale on Sonar on December 18 at a $200 million valuation. 6、TRUMP official team: A mobile game using TRUMP tokens, “Trump Billionaires Club,” will be launched. 7、Legacy privacy project Horizen relaunches as a Layer 3 network on Base. 8、Standard Chartered lowers its Bitcoin 2025 target to $100,000 and pushes its long-term forecast to 2030. 9、Yesterday, an Ethereum Foundation–linked address deposited 5,748 ETH to Kraken. 10、Linea (LINEA) will unlock approximately 1.38 billion tokens today at 7 PM (UTC+8), equal to 6.67% of circulating supply, valued at about $11.1 million.

Ethena Withdraws 1.59 Billion ENA from Coinbase Prime, Valued at Approximately $443 Million

Ethena Withdraws 1.59 Billion ENA from Coinbase Prime, Worth Approximately $443 Million