Ethena's Fundamentals vs. Derivatives: A Growing Divergence

Ethena's (ENA) fundamentals are pointing to a 'buy' signal, but $819 million in perpetual outflows is telling a different story.

The synthetic dollar protocol has notched its strongest monthly earnings since September 2025, with roughly $605,000 generated during the first 17 days of May, marking an eight-month high. The figure comes from DefiLlama's data on revenue minus user incentives.

Total value locked (TVL) has climbed by about $998 million since April 23, indicating fresh capital entering the protocol as investors deepen their exposure to ENA and its ecosystem. Rising TVL typically signals user confidence and growing demand for a protocol's core products.

Data shows spot exchanges have recorded cumulative netflow outflows of about $140 million over the past ten days, which is often tied to bullish accumulation. Investors have kept buying through ENA's price swings.