Ethereum (ETH) is showing strong bullish momentum as large investors, known as “whales,” are accumulating significant amounts of ETH while the number of sellers and exchange deposits continues to decline. Notably, whales have been opening large long positions and moving substantial amounts of ETH from exchanges into private wallets, signaling confidence in Ethereum’s future price growth.

Ethena has announced the launch of StablecoinX Inc., a new stablecoin-focused treasury company that will be listed on Nasdaq under the ticker symbol USDE. This move comes as part of a merger with TLGY Acquisition Corp and includes a significant $360 million investment aimed at buying back and accumulating ENA, Ethena’s native token. The announcement triggered an 8% surge in ENA’s price, reaching its highest level since January.

Over $3.4 billion worth of Ethereum (ETH), representing at least 913,111 ETH or about 0.76% of the total circulating supply, has been permanently lost due to user mistakes and smart contract bugs. Major incidents contributing to these losses include the Web3 Foundation’s loss of 306,000 ETH from a Parity multisig wallet vulnerability, the defunct QuadrigaCX exchange locking 60,000 ETH in a faulty contract, and the Akutars NFT project burning 11,500 ETH during a failed mint.