Coinbase, one of the leading cryptocurrency exchanges, has officially included Ethena’s native token, ENA, in its listing roadmap.
The announcement led to a modest price increase of 8.6% in ENA during Tuesday’s early Asian trading hours.
Coinbase Adds ENA To Listing Roadmap
In a statement shared via X (formerly Twitter), Coinbase Assets confirmed the inclusion of Ethena (ENA). The post specified that the token’s ERC-20 contract address is 0x57e114B691Db790C35207b2e685D4A43181e6061.
Coinbase mentioned it would issue a separate announcement once these requirements are fulfilled, guaranteeing a smooth integration for traders. ENA now joins QCAD (QCAD) in Coinbase’s listing roadmap, although the list is not exhaustive.
“Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds,” the exchange stated.
Following the news, ENA’s price jumped from $0.312 to as high as $0.338, marking an appreciation of 8.6%. However, the gains generated by this announcement subsided shortly after. BeInCrypto data showed that ENA dropped to $0.329 at the time of writing.
The trading volume for ENA also surged. It reached $254 million in the last 24 hours, representing a 91.7% increase. This indicated heightened market activity and investor interest.
The timing of Coinbase’s announcement aligns with a critical moment for Ethena. Earlier on Monday, over 40 million ENA tokens, valued at approximately $12 million, were unlocked, raising concerns about a potential sell-off.
For years, crypto in Africa was synonymous with Bitcoin (BTC). Today, that narrative has flipped, with companies like Yellow Card, a crypto exchange operating in Africa, clearly reflecting this shift.
In an exclusive with BeInCrypto, Yellow Card co-founder and CEO Chris Maurice reveals how it is building a pan-African stablecoin network to leapfrog traditional finance (TradFi). This is amid growing regulatory clarity, collapsing fiat systems, and a remittance revolution.
Stablecoins Are Transforming Africa’s Financial Scene
The pan-African exchange operates in over 20 markets, and Maurice says stablecoins now account for over 99% of its transactions. This makes Yellow Card a bellwether for what might be the most transformative trend in emerging markets finance.
“When we first launched Yellow Card in 2019, people were exclusively buying Bitcoin. Now, the most popular asset is Tether (USDT),” Maurice told BeInCrypto.
As it happened, necessity, not speculation, has driven this evolution. Africa leads the world in peer-to-peer (P2P) crypto trading volume. However, unlike global crypto hubs chasing volatile returns, Africans are choosing stablecoins out of financial survival.
Local currencies are eroding under inflationary pressure in countries like Nigeria, which ranks second globally in crypto adoption (per Chainalysis). Stablecoins offer a reliable store of value and seamless means of cross-border payments.
This is especially critical in a continent with $48 billion annual remittances and persistent banking limitations.
“Stablecoins are solving practical financial services challenges in Africa. People aren’t in love with the tech. They need faster, cheaper ways to move money to survive and thrive,” Maurice added.
Infrastructure Built for the Unbanked
Yellow Card has gone beyond trading services. Its infrastructure integrates mobile money systems (like M-Pesa in Kenya) and local fiat currencies such as the Nigerian naira and Ghanaian cedi. According to the firm’s CEO, this helps onboard users without bank accounts.
By managing compliance, currency exchange, and payments internally, the firm enables businesses to operate without battling unreliable local rails.
“Our mission is to let companies invest, hire, and grow in emerging markets without needing to stress over infrastructure. We’ve built the back office [meaning] cybersecurity, AML, [and] data protection, so they can focus on growth,” he articulated.
The Regulatory Dam Has Broken
Maurice also observed that African regulators kept crypto in limbo for years. In Yellow Card’s view, 2024 marked a tipping point.
“There is regulatory momentum in Africa that is only accelerating. The dam has broken,” he said.
South Africa now classifies crypto as a financial product. It has licensed major exchanges like Luno and VALR. Countries in the Central African Economic and Monetary Community (CEMAC), Mauritius, Botswana, and Namibia have followed suit with licensing regimes.
Meanwhile, regulatory incubators are emerging in Kenya, Nigeria, Rwanda, and Tanzania. Against this backdrop, Maurice says Yellow Card has actively helped draft legislation in Kenya and supports crypto frameworks in Morocco.
Fighting the Informal Market
Still, challenges remain. In countries like Ethiopia, Cameroon, and Morocco, outright bans have driven users underground into high-risk P2P networks. Yellow Card pushes for frameworks that level the playing field for compliant players.
“We face a lot of competition from companies that don’t maintain high AML standards…A level playing field is all we seek,” he said.
With $85 million in venture funding, Yellow Card is deploying capital into compliance and partnerships. With this, the company positions itself as the go-to infrastructure provider for global firms looking to tap African markets.
From Africa to Emerging Markets Everywhere
Cross-border payments are perhaps Yellow Card’s most powerful use case. The company’s co-founder says its stablecoin-powered rails are helping businesses reduce working capital needs, expand to new regions, and hire faster.
“We’ve had clients tell us we’ve enabled them to scale into new countries and reduce their costs dramatically. That’s real economic impact,” said Maurice.
The company is not stopping at Africa. Its infrastructure extends into other frontier markets, with a wave of strategic partnerships expected in 2025.
“Yellow Card has built a series of easy buttons for developed world companies to expand into complicated, high-growth markets,” he noted.
“Stablecoins are already a standard part of the financial infrastructure in Africa. CFOs and treasurers in traditional industries are now routinely using them to store and transfer value,” he added.
Africa’s crypto market is still small compared to global giants. Nevertheless, as the world shifts from speculation to utility, the continent’s fragmented financial systems may offer a glimpse into crypto’s most impactful use case: economic empowerment. For Yellow Card, the mission is clear and increasingly urgent.
“We’ve built a company for longevity and scale. Crypto adoption in Africa is stablecoin adoption,” Maurice concluded.
Bitcoin (BTC) is now one year past its most recent halving, and this cycle is shaping up to be unlike any before it. Unlike previous cycles where explosive rallies followed the halving, BTC has seen a far more muted gain, up just 31%, compared to 436% over the same timeframe in the last cycle.
At the same time, long-term holder metrics like the MVRV ratio are signaling a sharp decline in unrealized profits, pointing to a maturing market with compressing upside. Together, these shifts suggest Bitcoin may be entering a new era, defined less by parabolic peaks and more by gradual, institution-driven growth.
A Year After the Bitcoin Halving: A Cycle Unlike Any Other
This Bitcoin cycle is unfolding noticeably differently than previous ones, signaling a potential shift in how the market responds to halving events.
In earlier cycles—most notably from 2012 to 2016 and again from 2016 to 2020—Bitcoin tended to rally aggressively around this stage. The post-halving period was often marked by strong upward momentum and parabolic price action, largely fueled by retail enthusiasm and speculative demand.
The current cycle, however, has taken a different route. Instead of accelerating after the halving, the price surge began earlier, in October and December 2024, followed by consolidation in January 2025 and a correction in late February.
This front-loaded behavior diverges sharply from historical patterns where halvings typically acted as the catalyst for major rallies.
Several factors are contributing to this shift. Bitcoin is no longer just a retail-driven speculative asset—it’s increasingly seen as a maturing financial instrument. The growing involvement of institutional investors, coupled with macroeconomic pressures and structural changes in the market, has led to a more measured and complex response.
Another clear sign of this evolution is the weakening strength of each successive cycle. The explosive gains of the early years have become harder to replicate as Bitcoin’s market cap has grown. For instance, in the 2020–2024 cycle, Bitcoin had climbed 436% one year after the halving.
In contrast, this cycle has seen a much more modest 31% increase over the same timeframe.
This shift could mean Bitcoin is entering a new chapter. One with less wild volatility and more steady, long-term growth. The halving may no longer be the main driver. Other forces are taking over—rates, liquidity, and institutional money.
The game is changing. And so is the way Bitcoin moves.
Nonetheless, it’s important to note that previous cycles also featured periods of consolidation and correction before resuming their uptrend. While this phase may feel slower or less exciting, it could still represent a healthy reset before the next move higher.
That said, the possibility remains that this cycle will continue to diverge from historical patterns. Instead of a dramatic blow-off top, the outcome may be a more prolonged and structurally supported uptrend—less driven by hype, more by fundamentals.
What Long-Term Holder MVRV Reveals About Bitcoin’s Maturing Market
The Long-Term Holder (LTH) MVRV ratio has always been a solid measure of unrealized profits. It shows how much long-term investors are sitting on before they start selling. But over time, this number is falling.
In the 2016–2020 cycle, LTH MVRV peaked at 35.8. That signaled massive paper profits and a clear top forming. By the 2020–2024 cycle, the peak dropped sharply to 12.2. This happened even as Bitcoin price hit fresh all-time highs.
In the current cycle, the highest LTH MVRV so far is just 4.35. That’s a massive drop. It shows long-term holders aren’t seeing the same kind of gains. The trend is clear: each cycle delivers smaller multiples.
Bitcoin’s explosive upside is compressing. The market is maturing.
Now, in the current cycle, the highest LTH MVRV reading so far has been 4.35. This stark drop suggests long-term holders are experiencing much lower multiples on their holdings compared to previous cycles, even with substantial price appreciation. The pattern points to one conclusion: Bitcoin’s upside is compressing.
This isn’t just a fluke. As the market matures, explosive gains are naturally harder to come by. The days of extreme, cycle-driven profit multiples may be fading, replaced by more moderate—but potentially more stable—growth.
A growing market cap means it takes exponentially more capital to move the price significantly.
Still, it’s not definitive proof that this cycle has already topped out. Previous cycles often included extended periods of sideways movement or modest pullbacks before new highs were reached.
With institutions playing a larger role, accumulation phases could stretch longer. Therefore, peak profit-taking may be less abrupt than in earlier cycles.
However, if the trend of declining MVRV peaks continues, it could reinforce the idea that Bitcoin is transitioning away from wild, cyclical surges and toward a more subdued but structured growth pattern.
The sharpest gains may already be behind, especially for those entering late in the cycle.