Amid the ongoing market uncertainty, crypto whales are seen offloading Ethena (ENA) tokens. Today, March 6, 2025, a prominent crypto expert posted on X (formerly Twitter) that whales have dumped a significant $148 million worth of ENA tokens onto the exchanges in the past 48 hours.
This substantial token movement from wallets to exchanges has the potential to create selling pressure and drive the price lower. However, despite this, the ENA price moved in the opposite direction, registering a gain of over 8% in the past 24 hours and currently trading near $0.38. During the same period, its trading volume surged by 160%, indicating heightened participation from traders and investors compared to the previous day.
$19 Million Worth ENA Outflow
Despite the offloading of 148 million ENA tokens onto exchanges, some investors and long-term holders have been accumulating the tokens, according to on-chain analytics firm Coinglass.
Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $19 million worth of ENA tokens in the past 48 hours. Such outflows from exchanges indicate potential accumulation amid price drops and could create buying pressure and upside momentum.
Traders Bullish Bet
Besides the mixed sentiments among whales and long-term investors, intraday traders are also supporting this bullish activity. In the past 24 hours, traders have been over-leveraged at $0.362 on the lower side and $0.386 on the upper side.
Data further revealed that $0.362 is a key level where traders have built $5.50 million worth of long positions, while $0.386 is a level where traders have built $2.17 million worth of short positions. These positions at over-leveraged levels indicate that bulls are dominating and could support ENA in an upcoming rally, helping it recover its price.
ENA Technical Analysis and Upcoming Levels
According to expert technical analysis, ENA has successfully retested its crucial support level of $0.345 and now appears to be rallying upward.
Source: Trading View
Based on historical price patterns, if the asset holds this level and closes a daily candle above $0.345, there is a strong possibility it could soar by 25% to reach the $0.50 level in the coming days.
Elon Musk has emerged as the most influential figure in crypto, surpassing US President Donald Trump. The top ranks of crypto influence also include current and former Congresspeople. Notably, only one non-US politician and one woman made it onto this influential list.
The analysis carried out by ApeX Protocol used data-driven metrics to identify and rank public figures who have the most influence in crypto today.
Crypto’s Most Influential Voices Today
Earlier this month, trading platform ApeX Protocol released an in-depth analysis identifying crypto’s most influential voices. Their methodology combined estimated crypto holdings, net worth, and social media reach.
“What this ranking really shows is that crypto influence isn’t just about who has the biggest wallet. It’s also about who’s being listened to… That kind of mix is what makes the crypto space so unique right now. It’s not just tech or finance, it’s politics, communication, and culture all wrapped into one,” an ApeX spokesperson said.
Politicians who have the most influence in crypto. Source: ApeX Protocol.
Final scores were determined by total followers across X and Instagram, reflecting each figure’s ability to shape public opinion and attract attention to the crypto space.
1. Elon Musk
The Tesla CEO and Dogecoin enthusiast surpassed President Trump as crypto’s most influential political figure. Musk’s substantial social media following of 221.2 million, where he frequently shares his crypto views, and his estimated $2 billion in crypto holdings, including corporate investments, propelled him to the top across all measures.
2. Donald Trump
The sitting US President secured the second position. He commands 142.7 million followers on X and possesses the third-highest crypto portfolio, exceeding $1.3 million. A report published by the Democracy Defenders Fund earlier this year found that the President’s crypto assets make up 37% of his total wealth.
3. Nayib Bukele
El Salvador President Nayib Bukele is the only non-US politician in the top 10. He holds an estimated $8.4 million in crypto assets and, despite initially making Bitcoin legal tender, later reversed this under pressure from the International Monetary Fund. He frequently engages with his 17.6 million followers on social media about crypto.
4. Robert F. Kennedy Jr.
The current Secretary of Health and Human Services holds $750,000 worth of cryptocurrency in his portfolio. He has widely followed social media accounts totalling nearly 11 million.
Robert F. Kennedy Jr becomes more of a legend everyday.
Kennedy frequently refers to Bitcoin as the “currency of freedom.” He believes it offers a hedge against inflation for middle-class Americans and can act as a remedy against the devaluation of the US dollar, which he fears is at risk.
5. Ted Cruz
The current US Senator for Texas and former Solicitor General of his home state holds approximately $32,500 in cryptocurrency. He maintains a significant social media presence with 9.1 million followers across X and Instagram.
Cruz strongly advocates Texas as a Bitcoin mining and crypto hub for jobs, innovation, and growth. He champions Bitcoin and other cryptocurrencies as vital safeguards against government control and for financial freedom, emphasizing decentralization against overreach, unlike Central Bank Digital Currencies.
6. JD Vance
Following closely behind Senator Cruz, Vice President JD Vance emerged as a key influential figure in cryptocurrency, securing the sixth spot. His impact is drawn from his role in public office and his substantial social media reach of 6.2 million followers. His estimated crypto holdings of $375,000 place him ahead of most politicians.
Vance believes the US should strategically embrace Bitcoin, especially given China’s ban on cryptocurrency trading and mining. He suggests Beijing’s Bitcoin opposition should motivate the US to adopt it.
The Vice President has also commended the US government’s establishment of a Strategic Bitcoin reserve and consistently encourages the crypto community to remain politically active.
7. Madison Cawthorn
Madison Cawthorn, the 29-year-old former Republican US Representative for North Carolina, holds $116,500 in digital assets.
As the youngest public figure on this list, he maintains a significant social media presence with over 1.18 million followers. Identifying as a constitutional conservative, he demonstrates crypto’s appeal among a new generation of political voices.
Cawthorn generally favors crypto. He previously promoted the “Let’s Go Brandon” (LGB) coin, expressing bullish sentiments like “This is going to the moon.” Yet, his crypto dealings sparked controversy.
In December 2022, the House Ethics Committee determined he improperly promoted a token in which he held an undisclosed investment and received an “improper gift” through favorable terms.
A recent disclosure filed with the #US House of Representatives revealed that @RepCawthorn failed to report $950,000 in #crypto trades!
He also failed to file timely transaction reports. Allegations of insider trading were investigated, though the Committee didn’t conclude he profited from non-public information.
8. Cynthia Lummis
Wyoming Senator Cynthia Lummis is a leading advocate for cryptocurrency in Congress, often called the “Queen of Crypto,” and is the only woman on this list to make the top 10.
She holds an estimated $230,000 in crypto reserves and commands an engaged social media following of over 390,000. Lummis currently chairs the Senate Banking Subcommittee on Digital Assets.
Pro-digital assets. Pro-innovation. Pro-America.
These market structure principles will guide legislation to make the U.S. the crypto capital of the world. pic.twitter.com/UQki5meTcc
In March 2025, she reintroduced the BITCOIN Act to establish a US Strategic Bitcoin Reserve. Lummis also co-sponsored the GENIUS Act, which President Trump recently signed into law.
She supports the CLARITY Act, a bill that, if enacted, would establish a regulatory market structure for digital assets.
9. Francis Suarez
Miami Mayor and prominent lawyer Francis Suarez comes in second-to-last place with $10,000 worth of virtual currencies and over 200,000 followers across social media.
Despite being on the lower end of the net worth scale, the Republican mayor has gained significant national attention for his strong advocacy and ambitious cryptocurrency-related initiatives.
Suarez has actively pursued a vision to make Miami the “Bitcoin capital of the world” to drive economic growth and attract tech talent. His initiatives include accepting his salary in Bitcoin and enabling tax payments in crypto.
He also played a key role in launching MiamiCoin and actively recruits crypto businesses. Despite market volatility, he views Bitcoin as a “currency of freedom” and a vital tool for economic diversification.
10. Pat Toomey
American businessman and former Representative from Pennsylvania Pat Toomey rounds out the top ten with nearly $8,000 worth of crypto and almost 187,000 followers on social media.
As former Ranking Member of the Senate Banking Committee, Toomey championed the need for a defined regulatory framework distinguishing crypto commodities from securities.
Toomey was a key figure in stablecoin legislation, introducing the 2022 Stablecoin TRUST Act to ensure proper backing and transparency.
Honorable Mentions: Michael Collins and Michael McCaul
Michael Collins, a US Representative for Georgia, holds an estimated $8,000 in cryptocurrency. While he only has 130,000 followers across social media, his substantial $18.75 million net worth keeps him influential in the broader crypto conversation, placing him just outside the top 10.
Michael McCaul, a US Representative for Texas and the current House Foreign Affairs Committee Chairman, concludes the list of influential political figures in crypto.
He possesses the third-highest net worth in the ranking at an estimated $200 million. McCaul’s reported crypto holdings are tied to those of Michael Collins.
Over the past decade, Bitcoin has emerged as a highly debated asset in the financial world. As the first decentralized cryptocurrency, its appeal lies in its potential for high returns and innovative technology; however, it is also fraught with volatility and uncertainty. The classification of Bitcoin as either a “risk-on” or “risk-off” asset poses an intriguing question for investors and traders alike, especially when compared to traditional assets such as gold and stocks. This article will explore the characteristics of Bitcoin, its relationship with the U.S. dollar, and how traders can effectively manage its inherent volatility.
Understanding Risk-On and Risk-Off Assets
To ascertain whether Bitcoin trading is more of a risk-on or risk-off vehicle, it’s essential to define these terms.
Risk-on assets are typically associated with higher returns and increased volatility. They thrive in a favorable economic environment characterized by strong growth prospects. Investors tend to move into risk-on assets during periods of financial optimism and confidence.
Risk-Off Assets: In contrast, risk-off assets are those that preserve value during market downturns or periods of instability. They are generally regarded as safe havens, where investors seek refuge to protect their capital when economic sentiment is bearish.
During periods of economic expansion or low unemployment, Bitcoin often behaves like a risk-on asset. This is primarily reflected in its price movements, which tend to align with market optimism. For instance, in the wake of positive news concerning regulatory developments or widespread institutional adoption, Bitcoin’s price surges as investors are willing to take on more risk for potentially more significant returns.
Bitcoin as a Risk-Off Asset
However, Bitcoin has also exhibited behavior typical of risk-off assets during times of economic uncertainty or instability.
Store of Value: In times of financial turmoil, investors may turn to Bitcoin as a digital alternative to gold. During periods of inflationary pressures or currency devaluation, many proponents argue that Bitcoin can serve as a hedge, preserving value against traditional fiat currencies. This narrative has gained traction during economic crises, where Bitcoin’s capped supply resonates with the principles of scarce resources, much like gold.
Historical Stability: Gold’s intrinsic value as a physical commodity has made it a traditional store of value for centuries. During economic downturns or periods of inflationary pressure, investors tend to flock to gold, driving up prices.
Correlation with Inflation: Gold often correlates with inflation data, as it tends to maintain purchasing power even when fiat currencies lose value. Meanwhile, Bitcoin’s correlation with inflation is still being developed, offering a modern alternative amidst economic uncertainty.
Bitcoin vs. Stocks
Stocks are predominantly viewed as risk-on assets. When investors show confidence in the economy, they are more likely to invest in stocks, anticipating capital growth.
However, the landscape is shifting. Some institutional investors have begun to view Bitcoin as a distinct digital asset class, necessitating a recalibration of traditional risk and return perceptions. The decentralized nature of Bitcoin and its potential for significant appreciation make it a unique investment vehicle among equities.
The Relationship Between Bitcoin and the U.S. Dollar
The relationship between Bitcoin and fiat currencies, particularly the U.S. dollar, is complex and multifaceted. The dollar serves as the world’s primary reserve currency, making the dynamics between Bitcoin and the dollar essential to understand.
Inverse Relationship during Uncertainty
Historically, Bitcoin has exhibited an inverse relationship with the dollar during periods of economic uncertainty or downturn. When investors fear inflation or currency devaluation, they often move their assets into Bitcoin, driving up its demand and price. The effects of quantitative easing and low-interest rates have further exacerbated these dynamics, leading traders to seek alternative assets that can hedge against inflation.
Dollar Strength and Bitcoin Volatility
Conversely, during periods of a strong U.S. dollar, Bitcoin tends to experience price declines. A robust dollar can lead to lower demand for alternative assets as investors gain confidence in the dollar’s purchasing power. Furthermore, a strong dollar makes goods priced in Bitcoin more expensive for foreign investors, potentially dampening international demand.
Managing Bitcoin’s Volatility
The volatility of Bitcoin is one of its defining characteristics, making it both an opportunity and a risk for traders. Here are strategies traders can use to handle Bitcoin’s inherent volatility:
The Bottom Line
The question of whether Bitcoin is more of a risk-on or risk-off investment vehicle is not straightforward. Its dual nature allows it to be considered both, depending on market conditions. During periods of economic optimism, Bitcoin behaves like a risk-on asset, attracting speculative investment and rising in tandem with the stock market. Conversely, during periods of financial uncertainty, it can also serve as a risk-off asset, attracting investors seeking a store of value amid market volatility.
When compared to gold and stocks, Bitcoin occupies a unique position in the financial landscape, blending characteristics of both traditional and emerging asset classes. Its relationship with the U.S. dollar further complicates its classification, as macroeconomic factors can lead to significant price swings.
The post Is Bitcoin a Risk-On or Risk-Off Trading Vehicle? A Comparative Analysis of Gold and Stocks appeared first on Coinpedia Fintech News
Over the past decade, Bitcoin has emerged as a highly debated asset in the financial world. As the first decentralized cryptocurrency, its appeal lies in its potential for high returns and innovative technology; however, it is also fraught with volatility and uncertainty. The classification of Bitcoin as either a “risk-on” or “risk-off” asset poses an …
Cardano price faces a 25% crash after failing to cross an important resistance level. ADA also faces intense pressure as the development activity on the chain drops, funding rate turns negative, and its stablecoin market cap drops.
ADA price today trades at $0.65, its lowest level since April 2022, and 50% below its highest level in December.
Cardano Price Pressured as Development Activity Drops
One reason why Cardano price may crash by 25% is the continued decline in developer activity. According to Santiment, the number of commits submitted to GitHub has been in a strong downward trend since January 23, when they peaked at 92, and have now fallen to 48.
Falling developer activity in a blockchain is a red flag as it signals ecosystem stagnation. Indeed, separate data show that the total value locked in the Cardano network has stalled below $500 million throughout the year. In contrast, newly launched chains like Sonic and Base have accumulated over $1 billion in assets.
Negative Funding Rate Could Hit the ADA Price
Further, Cardano price may retreat because of its negative funding rate in the futures market. Santment data above shows that the funding rate has remained in the negative zone since May 3.
A negative funding rate signals that short-sellers are paying bulls, where the perpetual contract price is below the spot price. Therefore, ADA price will likely remain on edge as long as this finding rate is negative.
Cardano Development and Funding rates
Falling Stablecoin Market Cap on Cardano
Stablecoins are the currencies used in a blockchain network. As a result, a higher market cap is a positive sign because it shows that a chain is active. It also helps it generate more revenue, especially when the amount of stablecoins transacted daily is rising.
A good example of this is Tron, a network that handles over $50 billion a day in USDT transactions. This growth has transformed it into the most profitable chain in the crypto industry, making over $1 billion in fees this year.
DeFi Llama data shows that Cardano has only $30 million in stablecoins, which dropped from $31.2 million on May 1. Continued deterioration in this metric may lead to weak sentiment, affecting the ADA price.
Cardano Stablecoins
Cardano Price Technical Analysis Points to a 25% Drop
The daily chart shows that the ADA price attempted to bounce back but faced substantial resistance at $0.746. This was notable since it coincided with the upper side of the descending channel, and the 100-day Exponential Moving Average (EMA).
The bars of the Awesome Oscillator have turned red and are pointing downwards, which is another red flag for the coin. It has also moved below the 61.8% Fibonacci Retracement level, which is seen as the golden ratio, where reversals happen.
Therefore, a sustained downtrend will lead to more downside, potentially to the psychological point at $0.50, the lowest point in April. This ADA price forecast is about 25% below the current level.
Cardano Price Chart
The bearish Cardano price outlook will become invalid if it rises above the resistance level at $0.746, its highest level on April 24.
A recent disclosure filed with the 
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