Ethena Long Position Holds for 228 Days with $976K Unrealized Profit

A large Ethereum wallet known as an early participant has held a long position in Ethena (ENA) for 228 consecutive days, recording an unrealized profit rate of 881.18%. BlockBeats reported on October 20 that the address starting with 0xeadc holds approximately 10.0265 million ENA tokens in a long position, as monitored by TradingBeats.

As of 11:34 AM KST on October 20, the average entry price was $0.110537, with the position valued at around $2.0849 million (approximately ₩289 million). The unrealized profit stood at roughly $976,600 (about ₩135 million), as ENA's price had risen 88.12% above the average entry point. With leverage applied, the unrealized profit rate was calculated at approximately 881.18%.

The address holds a total of 41 long positions across multiple assets, with a nominal value of about $69.8481 million (approximately ₩96.86 billion) and an overall leverage ratio of 4.65x. The ENA position accounted for 2.98% of the total contract exposure. Among all positions, ENA's unrealized profit ranked third, following NEAR with $1.3695 million (about ₩190 million) and AAVE with $1.0225 million (approximately ₩142 million).

BlockBeats described the address as a whale that has been active in the market since 2017, previously holding around $90 million worth of Ethereum before moving assets to Hyperliquid. The wallet was also noted for holding the largest long position in HYPE on Hyperliquid prior to this multi-asset strategy.

While the ENA position represents a small portion of total exposure, it features 10x cross leverage, meaning margin is used across all positions within the account. This type of leverage can amplify both gains and losses based on price movements. The reported profit rate reflects how an 88.12% price increase led to an 881.18% return due to leverage.

It's important to note that unrealized profits are not confirmed until a position is closed, and the wallet has not indicated any plans for liquidation of its ENA holdings at this time.