Ethena（ENA）解锁2.07b代币，价值7.407亿美元，以新的供应泛滥

Ethena（ENA）通过解锁207亿个ENA令牌，在加密货币市场引发了重大事件，价值约为74071万美元。

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）在加密货币市场引发了重大事件，解锁了20.7亿个ENA令牌，价值约为74071万美元。循环供应的大量增加，占总供应的39.17％，提出了有关市场稳定，价格波动和投资者情绪的关键问题。

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

解锁事件不仅为市场充满了新的代币，而且给ENA的价格行动带来了不确定性。

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.

令牌解锁后，ENA最初的略微上升为1.89％，从0.4020美元攀升至$ 0.4096。但是，集会是短暂的，价格迅速回顾至0.3790美元，突出了利润压力和销售活动的增强。

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.

这种立即下降展示了市场对突然供应增加的反应。通常，大量解锁会导致价格下降，因为许多持有人试图获得利润，尤其是当大量令牌进入市场时。

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.

在同时，大型投资者将大量的ENA转移到了主要交易所。共有1.25亿ENA（约合4500万美元）转移到Binance，Bybit和Falconx。由于这些投资者可能利用短期收益或为潜在的衰退准备，因此这种大规模的存款可能会转化为更大的销售压力。

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.

从历史上看，由于供应增加，令牌解锁往往会对价格施加压力。在ENA的情况下，突然引入如此大量的令牌引起了人们对需求是否可以跟上供应加快的担忧。

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.

如果市场需求无法完全吸收新代币的涌入，则可能导致进一步的缺点，一些分析师预测潜在的下降到低至0.30美元。这将是其目前水平的重大纠正。

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，如果购买利息足够强大，市场可能会稳定，ENA的价格可以恢复。在这种情况下，价格范围接近$ 0.4200可能是一个可能的目标，尤其是如果长期投资者或机构的需求仍然很大。

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

市场消化新解锁的代币的能力对于确定ENA是否可以恢复看涨势头至关重要。

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

ENA市场前景更加复杂的是其目前的波动性。波动率指数为0.3769，表明市场波动中等。

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.

同时，累计数量增量（CVD）一直在下降，这表明卖方对市场有更多控制权。 CVD从-108.707m降至-107.359m，后来降至-107.07m，这表明销售压力继续超过购买活​​动。

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.

这种看跌的CVD趋势表明，交易者可能不愿进入职位，因为市场似乎主要是受利润或清算职位的市场所驱动的。如果这种趋势继续下去，ENA可能会看到进一步的缺点。但是，如果CVD变为正面，它可能表明市场情绪逆转，而且价格可能会恢复到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.

影响ENA价格的另一个关键因素是其在期货市场中的业绩。 CME期货开放利息（OI）在2025年3月6日飙升至120,000美元，与比特币的价格上涨至65,000美元。在前几周，公开利息从20,000美元稳步增加到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.

这种上升表明对杠杆位置的食欲日益增长。通常，高开放兴趣可以扩大市场波动，因为它表示价格波动的增加，交易员对未来价格转移的投注。

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，它可能会为ENA提供看涨的情况，从而将其价格推向0.4500美元。但是，如果开放利息下降到50,000美元以下，它可能会触发清算，并使ENA的价格降至0.3800美元或更低。开放兴趣的运动对于确定短期价格行动至关重要。

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.

20.7亿个ENA代币的解锁已向市场带来了巨大的供应侧压力，投资者的反应已经在价格变动和交易量中显而易见。尽管短期前景仍然波动，但ENA的长期稳定性将取决于市场处理这一供应量增加以及需求是否继续上升的能力。

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.

交易者应密切监视CVD，波动率指标和期货市场的开放兴趣，以评估价格逆转或继续向下移动的可能性。