Ethena Surges 41% on Short Squeeze and Whale Accumulation
Ethena (ENA) has experienced a significant surge in its price, rising by 41% over the past day. This increase comes as part of a broader market recovery, with ENA breaking out of a multi-month descending channel.
The altcoin reclaimed $0.10 and reached a seven-month high of $0.144 before pulling back to trade near $0.132 at press time. This price movement was accompanied by a substantial increase in trading volume, which jumped 267% to $363 million, while market capitalization also rose 40% to $1.2 billion.
The rally triggered a short squeeze, forcing bearish traders out of the market, with CoinGlass reporting that $4.2 million worth of short positions were liquidated. This scramble contributed to further liquidations and strengthened buying pressure. The long/short ratio reached 1.04, indicating a slight preference for long positions.
A significant portion of this accumulation came from whales, with one whale withdrawing 5.822 million ENA from Bybit during the uptrend. Historically, strong demand has supported ENA's price, but the latest rally had already stretched momentum considerably.