- Trump’s WLFI sold 184K ENA, triggering market concerns amid rising selling pressure.
- March saw 2B ENA tokens unlocked, with 200M more set for release in April.
- ENA price rose 1% intraday but faced a 10% monthly slump amid volatility.
Donald Trump’s World Liberty Financial (WLFI) has sold 184,000 ENA tokens, triggering bearish sentiment in the cryptocurrency market. The selloff intensified concerns about Ethena’s price stability as traders reacted to the sudden liquidation.
Trump’s WLFI Offloads 184K ENA, Raising Market Concerns
Data from Arkham Intelligence revealed that WLFI offloaded the tokens for $69,000 within a single day. This move has raised speculation about the firm’s confidence in ENA’s long-term value.
Ethena, a synthetic dollar protocol built on Ethereum, has already been experiencing volatility due to ongoing token unlocks and market dumps. With rising selling pressure, investors are closely monitoring the asset’s next moves.
Recent transactions show that a portion of ENA holdings was transferred to the custodial wallet ‘0x76a’ before 180,000 tokens were sent to another address, ‘0x77a,’ which later sold them for Wrapped Bitcoin (WBTC). The transaction pattern suggests an organized selloff, fueling uncertainty among traders.
Ethena price has been under pressure due to the increasing supply of ENA tokens. The recent selloff by WLFI comes amid concerns over significant token unlocks. March witnessed over two billion ENA tokens entering circulation, further adding to the asset’s volatility. Reports indicate that an additional 200 million tokens are set to unlock on April 2 and 5, amplifying fears of further price fluctuations.
Massive Token Unlocks Increase Market Pressure
In addition to WLFI’s liquidation, Amber Group, a known market maker, recently offloaded $10 million worth of ENA tokens to Binance. This development has strengthened bearish sentiments, with investors wary of potential downward pressure on the asset. As ENA supply continues to increase, traders remain cautious about potential price swings in the coming weeks.
As of press time, ENA price witnessed a nearly 1% jump in value, reaching $0.3989. The crypto hit a low and a peak of $0.3883 and $0.4098 intraday. Despite the selloffs and massive token unlocks, the weekly chart showed a 7% upswing, underling a resilient movement. However, the monthly chart showed a 10% slump, adding to speculations.
Ethena Price Outlook Amid Rising Market Uncertainty
Market analysts remain divided on ENA’s future trajectory. While some predict further declines due to increased supply and selloffs, others believe the market could stabilize. Notably, prominent trader Byzantine General pointed out that ENA’s funding rate has turned neutral, indicating reduced shorting pressure. This shift could pave the way for potential recovery, but broader market trends continue to suggest heightened volatility.
The latest ENA selloff by Trump’s WLFI has sparked fresh concerns over Ethena’s market position. With significant token unlocks and large transactions shaping price action, investors remain cautious about the asset’s future. While some traders see signs of resilience, ongoing market uncertainty keeps volatility at the forefront.
