ENA, the native token of the Ethereum-based synthetic dollar protocol Ethena, is today’s top-performing crypto asset. Currently trading at $0.60, its price is up by 11% over the past day.
This rally follows a sharp rise in the circulating supply of USDe, Ethena’s synthetic dollar-pegged stablecoin. With aligning bullish technical indicators, ENA appears poised to keep climbing in the short term.
ENA Surges as USDe Supply Hits Record $8.73 Billion
According to data from Etherscan, USDe’s circulating supply is at an all-time high of $8.73 billion, up more than $3.4 billion since July 16.
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This increase reflects the growing user adoption and increased capital inflows into the protocol as more investors seek stable, yield-generating dollar exposure.
The uptick in stablecoin supply has boosted the positive sentiment around ENA even as broader market conditions remain uncertain and volatile. Its price is up by double digits today, with key technical indicators pointing to increasing bullish momentum.
ENA’s Momentum Builds Despite Recent Dip
Technical readings from the ENA/USD one-day chart reveal that the token’s BBTrend (Bollinger Band Trend) indicator has printed a series of green bars that have grown steadily in size since June 29.
This steady build-up has occurred even as ENA’s price has experienced a downward trajectory over the past week. For context, today’s rally marks the most significant price improvement the token has seen in that period, indicating a potential reversal.
When BBTrend bars expand while prices consolidate, it reflects latent bullish pressure that eventually surfaces. If this momentum holds, ENA may be poised for further gains in the coming sessions.
Moreover, the token’s Relative Strength Index (RSI) confirms this bullish outlook. As of this writing, this momentum indicator is at 62.12 and is in an uptrend.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
ENA’s RSI readings indicate market participants prefer accumulation over distribution. If this trend continues, its price could keep rising in the short term.
ENA Bulls Target $0.77—But Can They Overcome This Crucial Wall?
At its current price, ENA holds just below a key resistance level at $0.64. This critical price point could determine the altcoin’s next move.
If bullish momentum intensifies and buy-side pressure continues to build, a breakout above this level could propel ENA toward the next major resistance around $0.77.
SEI has seen a sharp surge in price recently, marking a significant uptick likely driven by growing interest in alternative chains.
This surge comes after months of consolidation, and the rise in transaction volume could further fuel price gains. However, questions remain if this momentum will end the five-month-long Death Cross.
SEI Investors Are Extremely Bullish
The number of daily transactions on the SEI network has been rising steadily over the past few months. In fact, transactions have tripled in the last three months, reaching as high as 1.6 million in a single day recently.
This surge in altcoin activity signals strong demand for the asset and indicates investor confidence.
The growing transaction figures reflect the increasing interest from investors, many of whom are likely attracted by SEI’s developing ecosystem.
If this trend continues, it could further push SEI’s price upward, reinforcing the positive momentum seen in the market.
Despite the recent surge, SEI has been trapped in a Death Cross since January, which has lasted for over five months. This technical pattern occurs when the 200-day exponential moving average (EMA) is above the 50-day EMA, signaling a prolonged downtrend.
However, the recent price surge has sparked a slight uptick in the 50-day EMA, suggesting that a change in trend could be on the horizon.
If the 50-day EMA crosses above the 200-day EMA, it would mark a Golden Cross, signaling a potential shift toward a sustained uptrend.
The possibility of this crossover has investors hopeful that SEI may finally break free from its previous downtrend, setting the stage for more bullish price action.
At the time of writing, SEI is trading at $0.29, just below the key resistance of $0.30. This marks a 4-month high after a 50% rise in price over the past week.
The recent surge has put SEI on the radar of investors, with eyes now on whether it can break through the $0.30 resistance.
If SEI successfully flips $0.30 into support, the altcoin could push towards $0.35. This level is crucial for continuing the price rally and securing the recent gains.
A rise past this resistance would suggest that the upward momentum is sustainable, potentially signaling the end of the downtrend.
However, if investors choose to book profits, SEI could face a correction. A drop through the $0.27 support would suggest weakening momentum, potentially pushing the price further down to $0.24.
A fall to this level would invalidate the current bullish thesis, signaling a reversal in the altcoin’s trend.
Changpeng “CZ” Zhao, former CEO of Binance, is advising Kyrgyzstan on becoming a crypto hub. He signed an agreement with the Kyrgyz National Investment Agency to build the nation’s Web3 capacities.
A cornerstone of this plan is Kyrgyzstan’s A7A5 stablecoin, pegged to the Russian ruble and focused on emerging markets. CZ claimed that he has been advising several governments “officially and unofficially” regarding crypto.
According to the latest announcements, the country is developing a new A7A5 stablecoin pegged to the Russian ruble. Kyrgyzstan’s crypto turn is also being influenced by Changpeng “CZ” Zhao, the founder of Binance.
“A Memorandum of Understanding has been signed between the National Investment Agency under the President of the Kyrgyz Republic and Changpeng Zhao (CZ). In accordance with the Memorandum, the parties intend to cooperate in the development of the cryptocurrency and blockchain technology ecosystem in the Kyrgyz Republic,” claimed President Sadyr Zhaparov.
Meanwhile, CZ acknowledged his business in Kyrgyzstan, claiming that he introduced President Zhaparov to X, the social media site.
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful,” CZ claimed via social media.
Although CZ’s connection with Kyrgyzstan’s new A7A5 stablecoin is not fully known, it would align with his recent alleged Trump dealings.
Zhaparov’s statement claimed that the Binance founder will provide infrastructural, technological support, technical expertise, and consulting services on crypto and blockchain technologies.
Also, the president went on to state that this agreement with CZ will strengthen Kyrgyzstan’s standing in the growing Web3 environment. The long-term plan is to help create new opportunities for Kyrgyz businesses and society as a whole.
Presumably, this will involve some cooperation with Russia, as A7A5’s press release mentions “a new class of digital assets tied to the Russian economy.” This stablecoin is bucking significant tradition by aligning with the ruble instead of the dollar.
However, this is part of its strategy to focus on emerging markets. This novel experiment could demonstrate new market opportunities and challenge the dominance of USD-pegged stablecoins in the region.
According to Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at the VeChain Foundation, Texas will likely become the next state to establish a strategic Bitcoin reserve after New Hampshire.
In an exclusive interview with BeInCrypto, Garcia explained that states with pro-innovation leadership are more inclined to follow New Hampshire’s example. Meanwhile, others may adopt a more cautious, wait-and-see approach.
Why States Like Texas Are More Likely to Follow New Hampshire’s Bitcoin Reserve Lead
The VeChain executive described New Hampshire’s passage of House Bill 302 as a ‘landmark moment’ for digital assets. He stated that the development highlights Bitcoin’s growing recognition as a strategic financial instrument.
It also lays the groundwork to encourage wider blockchain adoption by normalizing digital assets in public portfolios.
“Momentum has been gathering at the State level since the presidential inauguration, and have commented before, there is a sea change taking place in the minds of State representatives across the general perception of Bitcoin [and other crypto assets] in the US,” Garcia told BeInCrypto.
Importantly, he believes the move could prompt the states already considering related legislation to accelerate their efforts so they don’t fall behind. The latest data from Bitcoin Laws shows that as of May 2025, 37 digital asset-related bills are active in 20 states.
Live Bitcoin Reserve Bills Across 20 States. Source: Bitcoin Laws
However, Garcia emphasized that the success of these bills depends on various factors. These include a state’s political climate, economic priorities, and risk tolerance.
“States with pro-innovation leadership, like Texas or Utah, are more likely to follow New Hampshire’s lead in short order, while others may wait to see how things play out for N.H,” he added.
With Texas now in the spotlight, there is strong optimism that similar legislation will be signed into law. Republican Governor Greg Abbott has expressed a favorable outlook toward the industry. The Texas Legislative session ends on June 2, so the decision could come any day now.
This trend highlights a clear difference of opinion between Democrats and Republicans regarding investments in digital asset reserves, a divide Garcia also acknowledges.
“These differences are nothing new, and I chalk them up to deeper-rooted perspectives, just like there are conservatives and liberals, or risk takers and those who like to play things safe. Some may try to tease out those groups and label people on one side as Democratic and the other as Republican, but I think that is too simplistic,” he said.
He acknowledged that bridging this gap poses a significant, but surmountable, challenge. The executive noted that increased cooperation can be fostered through education and a deeper understanding of the technology’s potential benefits and risks.
According to Garcia, the focus should be on identifying shared goals, such as leveraging blockchain to improve efficiency and transparency in government operations—an approach that could lay the groundwork for bipartisan collaboration.
“The ultimate goal would be to develop a thoughtful and balanced approach to digital assets that can benefit all Americans, regardless of political affiliation. This can be achieved by moving the conversation beyond partisan lines and focusing on the long-term economic and technological implications,” Garcia disclosed to BeInCrypto.
How Will State-Level Interest Impact Broader Crypto Adoption?
Whether Democrats and Republicans will ever fully agree on digital assets remains uncertain. Despite this, the introduction of bills and increased discussions at the state level signal growing interest and momentum.
Garcia said this shift marks a fundamental change in how public finance views blockchain assets, recognizing them as tools for innovation and resilience.
“It, combined with the strength of Bitcoin, has rekindled the discussion around ‘digital gold’ and could help reshape public finance by introducing decentralized, censorship-resistant assets into traditional portfolios,” he commented.
It normalizes digital assets as a strategic asset class, not just speculative. This encourages more institutional and enterprise participation.
This also pushes policymakers and the public to better understand digital assets’ risks and benefits, which can lead to clearer and better regulations.
It helps build infrastructure like regulated custody and on-chain auditability. This makes blockchain adoption easier for businesses.
He also said that while accessibility remains a challenge for mainstream adoption, state-backed initiatives could foster partnerships between the public and private sectors. This collaboration could lead to the development of user-friendly wallets, custody services, and decentralized finance platforms, expanding access for both retail and institutional users.
“This aligns with our focus at VeChain on scalable, enterprise-grade blockchain solutions, and we anticipate that state-level adoption will create a ripple effect, accelerating the integration of digital assets into both public and private sectors,” Garcia remarked.
The Balance Between Opportunity and Risk in State Crypto Holdings
While the benefits inspire optimism, the reserves carry several implications for a common taxpayer. Garcia explained that supporters believe state investments could boost long-term returns and diversify away from inflation-prone assets, potentially strengthening the state’s finances and benefiting taxpayers. Yet, he claimed,
“We have not yet reached the point where Bitcoin has achieved a greater level of stability, and if it sees a similar pullback compared to previous cycles, that would greatly diminish interest in setting up reserves and could cost taxpayers money.”
Garcia warned that significant price drops could lead to losses in the state’s reserves. Thus, if the allocation is too large or poorly managed, this could potentially threaten financial stability.
“This could, in theory, lead to pressure for tax policy changes to offset those losses, although this would depend heavily on the scale of the investment and the state’s overall financial health,” he mentioned to BeInCrypto.
Garcia advocated educating taxpayers about both the benefits and risks to maintain public trust. He emphasized that the long-term impact will depend on the responsible and strategic management of these reserves.
Beyond tax concerns, Garcia detailed several challenges states may face when implementing crypto reserves.
“The volatility of digital assets remains the biggest challenge facing states looking to implement reserves, as managing this volatility within a public treasury framework will require careful consideration and potentially sophisticated risk management strategies,” he commented.
Garcia also mentioned that educating lawmakers and the public is crucial for wider acceptance, as many state officials lack expertise in digital asset management and will need training or specialists. He underlined that federal regulatory uncertainty adds complexity. Therefore, clear rules on custody and reporting are necessary.
According to Garcia, transparency and strong cybersecurity measures are other key factors essential to ensuring the long-term success of these initiatives.
The Road to a National Strategic Bitcoin Reserve
Meanwhile, Garcia pointed out that concerns over taxes and market volatility are why President Trump’s Bitcoin reserve does not include provisions for investing the country’s funds. Instead, it focuses on using forfeited assets to build the stockpile.
The SBR would involve acquiring 1 million Bitcoins over five years and holding them for at least 20 years. Garcia declared that allowing direct Bitcoin investments would depend on shifting political and economic factors.
“Allowing for such purchases will require bipartisan support in both the House and the Senate, along with the President’s signature, but as the recent stall for the GENIUS Act shows, lawmakers are far from being on the same page,” the executive shared with BeInCrypto.
Garcia believes that a clear regulatory framework for crypto and a plan to incorporate Bitcoin into a strategic reserve will eventually be established by law. Nonetheless, the timeline and specific details of these bills remain ‘challenging to predict.’
