Crypto Unlock Wave Hits $609M: ENA Slides Below Key Moving Average

Crypto markets saw many token unlocks between May 30 and June 13, with the peak happening on June 7 at $356 million. The second most significant spike on June 4 was not far behind at $328 million, and unlocks on June 1 were also over $200 million. Most of the activity in this sector is focused on the first week of the month.

Source: Cryptorunk

Unlock volumes on days from June are much lower, ranging from $36 million to $98 million. Only $33 million was released on June 6, showing that funds were distributed unevenly. Analysis of the data indicates that early June presented the best chance of short-term supply shocks related to token distribution.

The first Unlocks for the week are spread evenly.

Token unlocks totaled approximately $609 million during the week of June 2 to June 8. The most significant share, $293.24 million, went to the Others category, with Ethena(ENA) coming next at $82.73 million, Solana (SOL) at $80.17 million, TAIKO at $58.91 million, Worldcoin (WLD) at $51 million, and TRUMP at $43.01 million.

Source: Tokenomist

This is a much lower number than in May, when over $2 billion in unlocks resulted from one TAIKO case. During June, supply was stronger among multiple projects than dominant on just one, lessening the impact of any one on supply.

ENA’s price has fallen below the 20-day EMA.

Ethena(ENA) is presently selling at $0.3052, 2.86% less than its price previously. The asset’s price has slipped under the 20-day EMA and is about to hit a key area of support at $0.28. According to technical signs, investors are growing more pessimistic.

Source: TradingView

The RSI has a value of 41.58, which means the recent stock price movement is not very fast but is not yet oversold. In addition, the Chaikin Money Flow (CMF) shows a value of -0.12, which means that capital is consistently leaving the market. This trend may take ENA a long time to test the $0.28 support level.

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