At the request and suggestion of friends, I will continue to focus on BTC in future tweets, and based on mainstream coins like ETH, SOL, BNB, etc., I will add some data analysis of altcoins to provide friends with more judgment basis and references. I only start from the data perspective, not targeting coin price calls or endorsements, and strive to ensure objectivity. Rest assured! This is not an advertisement.

Since I am also researching while sharing, I may not be as proficient as analyzing BTC, so please friends provide criticism and correction if there are any omissions.

In this issue, let's talk about ENA. The reason for writing about ENA is not only because friends are concerned, but I found that its situation is completely different from what I saw a few days ago with pepe; the main force of pepe almost all ran away at high levels, leaving a lot of trapped chips. In contrast, ENA's whales (main forces) seem to have super confidence in the project, not only did they not run away but they are continuously accumulating. Let's take a look:

(Figure 1)

Figure 1 shows the cost distribution of ENA chips over nearly a year; for convenience of representation and for friends to view, I have numbered several prominent whale groups from 1 to 5 (Note! The so-called whales or main forces do not refer to a specific entity but rather a group of large holders).

Whale 1: They started accumulating from April 2024, purchasing 342 million ENA at around $1.13; during the price drop of ENA to 0.26-0.36 from August to October 2024, they continued to accumulate, and again during the drop to 0.36-0.48 from February to March 2025. Currently, they hold a total of: 661 million; average cost: around $0.57;

Whale 2: They started accumulating from July 2024, purchasing 552 million ENA at around $0.49; they held a maximum of 703 million in between and sold a small portion at around $0.38 in March 2024. Currently, they hold a total of: 576 million; average cost: around $0.49;

Whale 3: They also started accumulating from July 2024, purchasing 376 million ENA at around $0.44; they have not moved despite price fluctuations in between. Currently, they hold a total of: 378 million; average cost: $0.44;

Whale 4: They started accumulating from November 2024, purchasing 381 million ENA at around $0.36; they slightly reduced their holdings in between, currently holding a total of: 369 million; average cost: $0.36;

Whale 5: If the above can only be considered large whale holders, then whale 5 is the most likely main force. This address group built their position at around $0.27 in October 2024 with 1.4 billion ENA when the circulating chips were roughly 2 billion. Especially after they finished accumulating, ENA's price rose from $0.27 to $1.2.

However, they did not sell even when the price rose; not only did they not sell, but they also accumulated an additional 80 million in January 2025; currently holding: 1.48 billion; average cost: $0.31; they are also the largest holder group of ENA's circulating chips. Friends who have research on ENA, please help me take a look, what category is this?

Group 6: This group should not be whales. From the data, they have had 6 billion ENA since August 2024 (the total ENA supply is 15 billion, with currently 5.2 billion in circulation), and at that time there were not so many circulating chips. Therefore, I guess this is a group of addresses holding non-circulating chips that moved for some reason at that time; until now, this group of addresses has not changed, so we can temporarily ignore it.

(Figure 2)

We can also see from ENA's Herfindahl index that during the price drop close to the bottom from July to September 2024, the concentration of ENA chips began to rise, which is undoubtedly directly related to the large whales starting to accumulate.

From October 2024 to March 2025, after experiencing a roller coaster market, ENA's chip concentration remained at a relatively high and stable level. This corroborates the whale behavior we analyzed earlier; they indeed did not distribute a large amount of chips when the price dropped.

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Summary:

1. The chip structure of ENA is very clear; whales 1-3 are temporarily trapped, but they are not in a hurry to cut losses; especially whale 1, who built their position at a high level, continues to supplement to lower the average cost as the price drops.

2. Whale 5 is particularly suspicious; if this is not a non-liquid chip, then they are likely the 'main force'. They hold ENA at a low cost and in large quantities. But strangely, why did they sell when it once reached four times profit? Perhaps they missed something, or they think ENA at $1.2 has not reached their psychological expectation.

3. These giant whales control over 60% of the total circulating chips, and when the price fluctuates, they are not in a hurry to sell, thus being able to obtain good support around $0.36, which just happens to be the cost price at which whale group 4 built their position six months ago. Further down, we will test the cost line of the 5th 'main force' at $0.31.

Although ENA, like other altcoins, has seen almost no chip turnover in the high price range of $0.7-$1.2, leading to a lack of support effects from chip accumulation during price drops.

However, the holding mentality of ENA whales is very good, with extremely high loyalty to the project. Although we cannot predict how ENA's future price will behave, it must be said that such a chip structure is quite rare among altcoins.

My sharing is only for learning and communication, not as investment advice.