Two large holders of PUMP and ENA sold their tokens with a loss of $27 million

Two major holders of tokens Pump.fun (PUMP) and Ethena (ENA) suffered losses totaling $27 million after closing their trading positions in these coins. Analytics platform Lookonchain drew attention to record losses from whale investors.

An investor with the address 3QB9kH completely sold his PUMP tokens at a loss of 62%. He bought coins on the Binance crypto exchange from September 12 to November 4 - a total of around 3.8 billion PUMP. The trader spent $19.53 million on the purchase, with an average price of $0.00513 perToken.

Last Friday, December 19, the whale transferred all PUMP tokens from his address to the FalconX platform for sale. As a result, he received around $7.3 million, which, according to analysts, represented a loss of over $12 million.

A similar situation occurred with another large investor. He bought ENA tokens and lost almost $15 million after liquidating his positions. From an address identified as 0x72F8, the whale transferred all of his 16.86 million ENA to the Coinbase Prime platform.

An investor purchased ENA about a year ago at a price of about $1.1 per token. The total value of the purchased tokens was about $18.53 million, but at current market prices the position was valued at only $3.51 million.

Both the price of PUMP and ENA tokens have fallen by more than 60% from their recent highs. Currently, Pump.fun coin is trading for $0.001759 with a market cap of $622.8 million, and Ethena is valued at $0.2010 with a market cap of $1.54 billionUS dollars.The withdrawal of large whales from positions in these altcoins comes amid a sustained decline in the crypto market that began on October 10.

Over the past two and a half months, the cryptocurrency market's total capitalization has fallen from $4.1 trillion to $2.97 trillion. Bitcoin led the decline, losing more than 30% from its record price of $126,080 reached on October 6.

Bitcoin is currently trading above $87,600.Ether also fell by about 30%, from $4,369 to $2,974.Bits.media spoke about the selling of cryptocurrencies by large holders, which became one of the reasons for the deep correction of the crypto market.