Ethena Price Surges Amid Mixed Market Signals
Ethena (ENA) has experienced a 13% surge in value over the past 24 hours, but this growth may not necessarily reflect the protocol's performance.
A closer look at Ethena's capital and revenue reveals that it remains slim, with minimal fees generated and only $56.91 earned in the last 24 hours, according to DeFiLlama data.
The Total Value Locked (TVL) has increased by around $160 million, reaching $4.719 billion at press time, but this growth may not be entirely due to the protocol's performance.
Spot market net flow has recorded a significant turnaround in the last 24 hours, with around $100,000 in net inflows, indicating growing conviction among spot traders.
The direction of the perpetual market remains uncertain, with the Open Interest-Weighted funding rate dropping from 0.0059% to 0.0023%, suggesting that short positions are expanding.