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Ethena is facing a potential wave of sell pressure as 266 million ENA tokens are set to unlock in two phases, starting with the first $34 million unlock today. According to CryptoRank.io , Ethena ( ENA ) will unlock 94.19 million ENA tokens today, worth $33.87 million—0.63% of total supply and 1.79% of market cap. Further, 171.85 million tokens will be unlocked on April 5. The upcoming token unlocks come as ENA trades at $0.35, down by 17% over the past week, following World Liberty Financial ‘s dump of 184,000 ENA tokes, worth $69,000, on March 25. Prior to that, on March 5, Ethena unlocked a massive 2.07 billion ENA tokens—worth $728 million—representing 13.9% of the total supply. Looking at the chart, ENA price has been in a clear downtrend from the start of the year, trading below the 21-day Exponential Moving Average. The price attempted a breakout above the 21-day EMA for a few days in late March, but failed to sustain above it. The RSI is at 44.26, below the neutral 50 level. However, the RSI moving average is at 46.88, meaning there is some attempt to recover, but it’s still weak. The recent lows around $0.342 act as short-term support. If the price holds above this zone, it could attempt another move towards the 21-EMA at 0.3817. According to technical analyst Ali Martinez , if ENA defends this support level, it could climb to $0.473. As long as #Ethena $ENA defends the $0.342 support, it could climb toward $0.473. Keep it on your radar! pic.twitter.com/FKUFIpHBjr However, if this support fails, the price could drop to $0.30 – $0.32, where the price consolidated in October last year before breaking out into a major bullish rally .

Bitcoin short-term holders (STH) now hold only about 40% of the network’s total wealth, according to Glassnode . In early 2025, that number was close to 50%. Compare that to the peak of the previous cycle, when new investors could control between 70% and 90% of Bitcoin’s wealth. This difference in pattern seems to reflect a calmer bull market. Not that it is not promising, but more like a long uphill road than a rocket that is shooting up. New investors are present, but their presence is not as dominant as in previous years. While beginners usually buy in droves because of FOMO, now the atmosphere is calmer—either because they have learned from experience or because the market is now more difficult to predict. Short-Term Holders currently hold around 40% of #Bitcoin 's network wealth, after peaking near 50% earlier in 2025. This remains significantly below prior cycle tops, where new investor wealth peaked at 70–90%, suggesting a more tempered and distributed bull market so far. pic.twitter.com/G6se9dcyBW — glassnode (@glassnode) March 31, 2025 On the other hand, whales are apparently moving in the middle of this calmer situation. Since March 11, 2025, more than 129,000 BTC have been accumulated by large holders, worth around $11.2 billion, assuming the BTC price at that time was $87,500. This is the largest accumulation since August 2024. This movement has made many people start to wonder: is this a signal that big players are preparing something? While short-term holders appear to be holding back, whales are actually shopping on a large scale. If we compare it to a supermarket, small customers are still looking at prices, but bulk buyers have already put items in their carts without hesitation. Maybe they know something we don’t know yet? Furthermore, data from last week showed that liquidity in the Bitcoin market is shrinking. This could be a kind of early warning. Glassnode noted that the market is increasingly vulnerable because many market players tend to hold back and be more careful. In conditions like this, price movements can be even wilder because even the slightest pressure can trigger a big reaction. However, if we look at the performance in the first quarter of 2025, Bitcoin did experience a 12.5% decline. But this is still much lower than in the past. In the previous bull cycle, BTC had plunged more than 60%. So even though there is a correction now, it is not as severe as the old traumas. On the other hand, CNF previously also reported the CEO of BlackRock, who said that US debt could make Bitcoin challenge the dollar’s dominance as a global foreign exchange reserve. It sounds ambitious, but if you look at recent trends—with ETFs already official and tokenization starting to be used in various sectors—Bitcoin is indeed slowly turning into a “serious” asset class in the eyes of modern investors. Those who used to only believe in gold or traditional assets are now starting to consider BTC as part of their portfolio. It is no longer just a bet, but is starting to be considered a hedge. Similar to people who used to only believe in keeping money under the mattress and then slowly started to believe in banks. Meanwhile, at the time of writing, BTC is trading at about $82,887, up around $1,382 in the last 24 hours or an increase of 1.7%. The daily trading range shows a high of $83,884 and a low of $81,282. This shows that although the market is somewhat sensitive, its volatility is still relatively under control.