He purchased coins from September 12 to November 4 on the Binance crypto exchange, totaling approximately 3.8 billion PUMP. The trader spent $19.53 million on the purchase at an average price of $0.00513 per token. Last Friday, December 19, the whale transferred all PUMP tokens from his address to the FalconX platform for sale. As a result, he received approximately $7.3 million, meaning his losses exceeded $12 million, according to analysts.

A similar situation occurred with another large investor. He purchased 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. The investor acquired ENA about a year ago at a price of approximately $1.10 per token. The total value of the purchased tokens was approximately $18.53 million, but at current market prices, the position was valued at only $3.51 million.

Both tokens, PUMP and ENA, have fallen more than 60% from their recent highs. Pump.fun is currently trading at $0.001759 with a market cap of $622.8 million, while Ethena is at $0.2010 with a market cap of $1.54 billion.

The exit of major whales from these altcoins comes amid a protracted crypto market downturn that began on October 10th. Over the past two and a half months, the total cryptocurrency market 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. Ethereum also fell by approximately 30%, from $4,369 to $2,974.