Ethena（ENA）解鎖2.07b代幣，價值7.407億美元，以新的供應氾濫

Ethena（ENA）通過解鎖207億個ENA令牌，在加密貨幣市場引發了重大事件，價值約為74071萬美元。

Ethena (ENA) has triggered a significant event in the crypto market with the unlocking of 2.07 billion ENA tokens, valued at approximately $740.71 million. This massive increase in circulating supply, 39.17% of the total supply, has brought forth crucial questions about market stability, price volatility, and investor sentiment.

Ethena（ENA）在加密貨幣市場引發了重大事件，解鎖了20.7億個ENA令牌，價值約為74071萬美元。循環供應的大量增加，佔總供應的39.17％，提出了有關市場穩定，價格波動和投資者情緒的關鍵問題。

The unlocking event not only flooded the market with new tokens but also brought uncertainty to ENA’s price action moving forward.

解鎖事件不僅為市場充滿了新的代幣，而且給ENA的價格行動帶來了不確定性。

Following the token unlock, ENA initially saw a slight uptick of 1.89%, climbing from $0.4020 to $0.4096. However, the rally was short-lived, and the price quickly retraced to $0.3790, highlighting the profit-taking pressure and heightened selling activity.

令牌解鎖後，ENA最初的略微上升為1.89％，從0.4020美元攀升至$ 0.4096。但是，集會是短暫的，價格迅速回顧至0.3790美元，突出了利潤壓力和銷售活動的增強。

This immediate drop showcases how the market reacted to the sudden supply increase. Usually, large unlocks result in price declines as many holders try to secure profits, especially when significant tokens enter the market.

這種立即下降展示了市場對突然供應增加的反應。通常，大量解鎖會導致價格下降，因為許多持有人試圖獲得利潤，尤其是當大量令牌進入市場時。

In tandem, large investors moved substantial amounts of ENA to major exchanges. A total of 125 million ENA (around $45 million) was transferred to Binance, Bybit, and FalconX. This large-scale deposit could translate to more selling pressure as these investors might capitalize on short-term gains or prepare for a potential downturn.

在同時，大型投資者將大量的ENA轉移到了主要交易所。共有1.25億ENA（約合4500萬美元）轉移到Binance，Bybit和Falconx。由於這些投資者可能利用短期收益或為潛在的衰退準備，因此這種大規模的存款可能會轉化為更大的銷售壓力。

Historically, token unlocks tend to exert pressure on prices due to the added supply. In ENA’s case, the sudden introduction of such a large amount of tokens raises concerns about whether demand can keep pace with the increased supply.

從歷史上看，由於供應增加，令牌解鎖往往會對價格施加壓力。在ENA的情況下，突然引入如此大量的令牌引起了人們對需求是否可以跟上供應加快的擔憂。

If market demand fails to fully absorb the influx of new tokens, it could lead to further downside, with some analysts predicting a potential drop to as low as $0.30. This would be a significant correction from its current levels.

如果市場需求無法完全吸收新代幣的湧入，則可能導致進一步的缺點，一些分析師預測潛在的下降到低至0.30美元。這將是其目前水平的重大糾正。

Conversely, if buying interest is strong enough, the market could stabilize, and ENA’s price could recover. In this case, a price range near $0.4200 could be a possible target, especially if demand from long-term investors or institutions remains substantial.

相反，如果購買利息足夠強大，市場可能會穩定，ENA的價格可以恢復。在這種情況下，價格範圍接近$ 0.4200可能是一個可能的目標，尤其是如果長期投資者或機構的需求仍然很大。

The ability of the market to digest the newly unlocked tokens will be crucial in determining whether ENA can regain bullish momentum.

市場消化新解鎖的代幣的能力對於確定ENA是否可以恢復看漲勢頭至關重要。

Further complicating the market outlook for ENA is its current volatility. The Volatility Index stands at 0.3769, indicating moderate market fluctuations.

ENA市場前景更加複雜的是其目前的波動性。波動率指數為0.3769，表明市場波動中等。

Meanwhile, the Cumulative Volume Delta (CVD) has been trending downwards, signaling that sellers have more control over the market. The CVD decreased from -108.707M to -107.359M and later to -107.07M, suggesting that selling pressure continues to outpace buying activity.

同時，累計數量增量（CVD）一直在下降，這表明賣方對市場有更多控制權。 CVD從-108.707m降至-107.359m，後來降至-107.07m，這表明銷售壓力繼續超過購買活​​動。

This bearish CVD trend indicates that traders may be hesitant to enter positions, as the market appears to be largely driven by those taking profits or liquidating positions. If this trend continues, ENA could see further downside. However, if the CVD turns positive, it could signal a reversal in market sentiment, and the price could bounce back toward $0.4200.

這種看跌的CVD趨勢表明，交易者可能不願進入職位，因為市場似乎主要是受利潤或清算職位的市場所驅動的。如果這種趨勢繼續下去，ENA可能會看到進一步的缺點。但是，如果CVD變為正面，它可能表明市場情緒逆轉，而且價格可能會恢復到0.4200美元。

Another critical factor influencing ENA’s price is its performance in the futures market. The CME Futures Open Interest (OI) for ENA surged to $120,000 on March 6, 2025, coinciding with a rise in Bitcoin’s price to $65,000. Open Interest increased steadily from $20,000 to $100,000 over the preceding weeks.

影響ENA價格的另一個關鍵因素是其在期貨市場中的業績。 CME期貨開放利息（OI）在2025年3月6日飆升至120,000美元，與比特幣的價格上漲至65,000美元。在前幾週，公開利息從20,000美元穩步增加到100,000美元。

This rise indicates a growing appetite for leveraged positions. Typically, high open interest can amplify market volatility, as it signifies increased exposure to price swings, with traders betting on future price moves.

這種上升表明對槓杆位置的食慾日益增長。通常，高開放興趣可以擴大市場波動，因為它表示價格波動的增加，交易員對未來價格轉移的投注。

If the OI remains elevated, it could fuel a bullish scenario for ENA, potentially pushing its price toward $0.4500. However, if open interest drops below $50,000, it might trigger liquidations and bring ENA’s price down to $0.3800 or lower. The movement of open interest will be crucial in determining short-term price action.

如果OI保持升高，它可能會為ENA提供看漲的情況，從而將其價格推向0.4500美元。但是，如果開放利息下降到50,000美元以下，它可能會觸發清算，並使ENA的價格降至0.3800美元或更低。開放興趣的運動對於確定短期價格行動至關重要。

The unlock of 2.07 billion ENA tokens has brought significant supply-side pressure to the market, and investor reactions are already evident in the price movements and trading volumes. While the short-term outlook remains volatile, the longer-term stability of ENA will depend on the market’s ability to handle this increased supply and whether demand continues to rise.

20.7億個ENA代幣的解鎖已向市場帶來了巨大的供應側壓力，投資者的反應已經在價格變動和交易量中顯而易見。儘管短期前景仍然波動，但ENA的長期穩定性將取決於市場處理這一供應量增加以及需求是否繼續上升的能力。

Traders should closely monitor the CVD, volatility indicators, and open interest in the futures market to gauge the likelihood of a price reversal or continued downward movement.

交易者應密切監視CVD，波動率指標和期貨市場的開放興趣，以評估價格逆轉或繼續向下移動的可能性。