Ethena's Fundamentals Point to Bullish Rebound Amid Derivatives Selling Pressure
Ethena (ENA) has posted its strongest monthly earnings since September 2025, but a negative funding rate is threatening to derail a projected 30% rebound.
The synthetic dollar protocol generated roughly $605,000 in protocol earnings during the first 17 days of May, marking an eight-month high. DefiLlama figures confirm this reading, which tracks revenue minus user incentives.
Total value locked has climbed by about $998 million since Apr. 23, indicating fresh capital entering the protocol as investors deepen their exposure to ENA and its broader ecosystem.
However, spot exchanges have recorded cumulative netflow outflows of about $140 million over the past ten days, a pattern often tied to bullish accumulation. Investors have kept buying through ENA's price swings.