Everyone thinks altcoins that hold up well against $BTC are safe, but actually some of them are just waiting for the next unlock to dump.
A lot of traders get trapped here. You see relative strength across alts, assume the bottom is in, rotate in… and then your position bleeds while the rest of the market looks fine.
$ENA has been a clean case study. While many alts have been showing decent strength versus $BTC, ENA is consistently the first to print a new low. Not because the narrative disappeared, but because the market knows what’s coming every month.
Those monthly token unlocks create steady sell pressure. When new supply keeps hitting the market, early investors and funds often distribute into any bounce. So even when $ETH and the broader alt market look stable, ENA struggles to hold levels because supply keeps refreshing.
A lot of people analyze charts but ignore tokenomics. With assets like $ENA, the unlock schedule can matter just as much as the price action itself.
Anyone else watching how these recurring unlocks are affecting ENA’s structure?