Whale and insider moves add to bearish pressure I

Whale and insider moves add to bearish pressure

In a post on X, LookonChain revealed that a whale had deposited 26,182 ETH in 48 hours to popular centralized exchanges

The timing of this inflow suggests potential sell pressure building.

Lookonchain also observed that co-founder Arthur Hayes had sold 2,373 ETH, worth $8.32 million.

He also sold 7.76 million Ethena [ENA] worth $4.62 million, calling into question the assumption of bullish conviction from large ENA holders.

Adding to the bearish trend,  data showed that Open Interest (OI) was down 5.47%, at press time, in the past 24 hours.

The Funding Rate was still positive, but the dropping OI and price showed dominant bearish sentiment.