Mechanism Capital, a backer of Ethena, transferred approximately 7 million ENA tokens to KuCoin just days after announcing a Series A investment in Ethena. This move raised questions as market conditions for ENA weakened, with seller dominance in both spot and futures markets according to CryptoQuant. ENA was trading around $0.1911 at press time, near the key support level of $0.1870, whose breach could trigger a decline toward $0.1354. Despite this selling pressure, major Binance traders maintained a bullish bias with a long/short ratio of 1.59 and a positive funding rate of 0.0032%, revealing a divergence between optimistic positioning and actual market conditions.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
