A quiet but telling shift just played out in the crypto market. Large holders chose to walk away from Ethena and pump.fun, accepting deep losses rather than waiting for conditions to improve. Nearly $27M is now locked in as realized losses, and the exits were decisive.
This development was first reported by TheCryptoBasic, which highlighted how two major whale wallets fully closed their positions in ENA and PUMP as broader market pressure continued to build. The moves stood out not because of noise or hype, but because of how final they were.
What you'll learn 👉
Ethena And ENA Price Reflect A Clean Break From A Once Confident Position
Ethena had drawn strong attention earlier in the cycle, with ENA price trading near $1.10 during its accumulation phase. That confidence faded quickly. According to TheCryptoBasic, on chain data flagged by Lookonchain revealed that a whale wallet identified as 0x72F8 transferred its entire ENA holdings to Coinbase Prime in one move.
That wallet held 16.86M ENA, acquired roughly a year ago at prices close to $1.10. The total cost of the position came in around $18.53M. Current Ethena price levels told a very different story. At the time of transfer, the holdings were valued at about $3.51M, translating into a realized loss of roughly $15M.
Nothing about this move suggested hesitation. The full exit signaled a decision to absorb the drawdown and move on rather than wait for a recovery that may take longer than expected.
Crypto Whales Exit #ENA and #PUMP, Realizing $27M in Combined Losses.
— TheCryptoBasic (@thecryptobasic) December 23, 2025
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… pic.twitter.com/o0PLSM5pUP
Pump.fun And PUMP Price Exit Shows How Fast Losses Can Snowball
pump.fun followed a similar path, with even sharper percentage damage. TheCryptoBasic reported that another whale wallet, labeled 3QB9kH, had been accumulating PUMP steadily on Binance between September 12 and November 4.
During that window, the wallet purchased around 3.8B PUMP tokens for a total of $19.53M. The average PUMP price during accumulation sat near $0.00513, reflecting strong conviction at the time.
Last Friday marked the turning point. The wallet transferred its entire PUMP balance to FalconX for sale. The exit generated about $7.3M, locking in a realized loss of more than $12M. Roughly 62% of the original capital was wiped out by the time the position closed, underscoring how quickly pump.fun price had deteriorated.
TheCryptoBasic framed these exits as part of a wider trend rather than isolated events. Reduced liquidity and weaker risk appetite have been hitting high beta altcoins hard, amplifying downside moves across the market. ENA price and PUMP price have both dropped more than 60% from recent highs, leaving them well behind broader market performance.
Once volatility accelerates under thin liquidity, even large wallets lose flexibility. Full exits become cleaner than partial trims, especially when capital preservation takes priority over speculative upside.
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What Ethena Price And Pump.fun Price May Signal Going Forward
These exits do not mark an ending for Ethena or pump.fun. Market cycles tend to reset sentiment before rebuilding it. What stands out is the timing and scale of the losses accepted by large holders.
As TheCryptoBasic report shows, these were not slow reallocations. These were decisive exits that reflect a shift in expectations. Watching how ENA price and PUMP price behave after this reset could offer early clues about where confidence returns next. Sometimes the most important signals appear after the biggest players have already made their move.
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