In recent encrypted market activities, an event of significant interest has occurred. Four large investors known as 'whales' conducted substantial transactions on the Binance (BNB) platform within the past 24 hours. Specifically, they chose to unstake part of their ENA tokens (a specific type of crypto asset) and deposited a total of 15.86 million ENA tokens into the BNB exchange. This decision reflects complex market strategy considerations and potential risk assessments. Analysis indicates that these whales successfully withdrew some ENA tokens from the Binance platform between April and August 2024 and subsequently staked them in hopes of earning additional tens of thousands of ENA tokens as rewards. This operational strategy is common in the crypto sector, aiming to leverage liquidity mining mechanisms for profit. However, this move has sparked widespread attention regarding potential value losses. If calculated at current market prices, the market value of these 15.86 million ENA tokens is approximately $4 million. However, considering market volatility and the uncertainty of crypto asset prices, it is expected that selling these tokens could result in a loss exceeding $5 million. This situation highlights the high-risk nature of crypto investments and also serves as a reminder for market participants to fully consider potential economic risks when making decisions. Overall, the operations of these four whales not only demonstrate the intricate investment logic within the crypto market but also prompt new reflections on market dynamics and investor behavior patterns. For a broad range of crypto investors, this event provides a valuable case study, aiding in deeper understanding of the value fluctuations of crypto assets and the underlying market forces.