Despite Ethena Price Extending Weekly Gains to Over 7% This Tuesday, Donald Trump's World Liberty Financial Has Rattled the Crypto Market with Its ENA Selloff Spree.

Despite Ethena price extending weekly gains to over 7% this Tuesday, Donald Trump's World Liberty Financial has rattled the crypto market with its ENA selloff spree.

In a surprising turn of events, Donald Trump’s World Liberty Financial has been actively selling off ENA tokens, according to on-chain statistics.

Over the past day, Arkham Intelligence’s data indicated that Trump’s firm sold 184,000 ENA for $69K. This selloff focused on shifting 180,000 ENA from the ‘0x7a’ custodial wallet address to ‘0x77a.’ Afterward, this address sold the amount received for WBTC.

Earlier, the Trump family-backed firm purchased 11 tokens, including the one mentioned above, via its WLFI sale funds. Most of these assets were later shifted to Coinbase Prime, leaving the market with a limited view of selloff transactions.

However, a part of ENA holdings was transferred to the ‘0x76a’ custodial wallet address. This wallet address shifted 180,000 tokens to the address ‘0x77a.’ Subsequently, this address then sold the amount received for WBTC, per the data.

Overall, this transactional process gained significant traction, with market watchers speculating over whether further token selloffs are also incoming. The synthetic dollar protocol on Ethereum is bearishly eyed by investors due to this saga.

Market Maker Sells $10 Million ENA To Binance

Meanwhile, a couple of other aspects are propelling an unsure investor sentiment about future price movements.

CoinGape reported that the market maker Amber Group recently offloaded $10 million ENA to Binance. The rising exchange supply has been cementing bearish market sentiments about the asset’s future potential in the crypto sphere.

On the other hand, recent ENA token unlocks have also brought in price volatility. While March saw over 2 billion coins unlocked and added to the crypto’s supply, April comes as another hurdle.

As per reports, over 200 million coins are set to unlock on April 2 and 5 collectively. In turn, traders and investors are adjusting their strategies and remaining cautious over future Ethena price movements.

It’s noteworthy that World Liberty Financial’s massive selloff potentially aligns with the past and looming unlocks in an effort to mitigate losses.

ENA Price Analysis

ENA price saw a nearly 1% jump in value, reaching $0.3989 by the time of writing. 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, highlighting a resilient movement. However, the monthly chart showed a 10% slump, adding to speculations.

Crypto market traders are currently uncertain about the asset’s performance ahead as broader trends indicate that volatility looms, whilst the price chart shows resilience.

ENA price prediction by CoinGape shows that bears remain dominant, according to the 3-month bias indicator. Nevertheless, renowned market trader Byzantine General took to X, projecting an optimistic outlook for the synthetic dollar protocol crypto.

The trader revealed that the crypto’s funding rate isn’t negative anymore, suggesting a bullish movement. Further, ENA got heavily shorted primarily due to its massive token unlocks, but the heat has now cooled down, per the analyst.

Despite positive reaffirmation by renowned traders, it remains crucial to gauge broader aspects that underscore volatility is possible.