The largest staker of ENA, the native token of Ethena, has sold a substantial portion of their holdings, amounting to $14.1 million, at a significant loss. This move has resulted in a staggering loss of over $13 million for the investor. The token has been under immense selling pressure in recent weeks, causing its price to plummet to $0.73, its weakest point since May 20th. This downward trend has led to substantial losses for ENA stakers.

The largest ENA staker, who initially held 23.24 million ENA tokens, worth approximately $17.3 million, decided to unstake their entire holding on Tuesday. In a surprising move, the investor then sold 19.36 ENA tokens, worth over $14.1 million, incurring a significant loss. To put this into perspective, the on-chain data revealed that this investor had initially withdrawn 23.24 million ENA from Binance between April 5 and April 10, when the token was trading at around $1.29. However, after the recent sell-off, the investor is now left with only 3.88 million ENA tokens, worth $2.74 million. This drastic reduction in holdings has resulted in a loss of more than $13 million.

Despite the challenges faced by ENA, the Ethena ecosystem continues to exhibit growth. According to DefiLlama, the Total Value Locked (TVL) in the Ethena project has been steadily increasing, reaching an impressive $3.44 billion as of June 12th. Moreover, the Ethena ecosystem's USDe stablecoin has experienced remarkable growth since its public launch. Within its first week, the USDe stablecoin's supply surged to $400 million and subsequently exceeded $2 billion within just two months. While this growth is impressive, it has also raised concerns among market observers, particularly in light of the previous collapse of Terra's UST algorithmic stablecoin.

The decline in ENA's price has led to substantial losses for its investors and stakeholders. The largest ENA staker's decision to unstake and sell a significant portion of their holdings has resulted in a staggering loss of over $13 million. Despite the growth in the Ethena ecosystem, ENA's price continues to face significant selling pressure. The token's price has plummeted to $0.73, its weakest point since May 20th, indicating a challenging period for its investors.

The Ethena ecosystem's growth, particularly the increase in TVL and the success of the USDe stablecoin, presents a promising outlook. However, the selling pressure on ENA and the significant losses incurred by its largest staker raise concerns about the token's future. As the market continues to evolve, it remains to be seen whether the ecosystem's growth can revitalize the ENA token or if the selling pressure will persist, driving its price further downward.