Ethena [ENA] recorded a 13% price increase over the past 24 hours. However, the surge appears disconnected from the protocol's actual performance, with limited capital flowing into the platform and minimal fee generation.
Protocol Metrics Lag Behind Price Movement
According to DeFiLlama data, Ethena's Total Value Locked (TVL) increased by roughly $160 million to $4.719 billion at the time of reporting. TVL typically reflects depositor conviction and protocol health.
The protocol's revenue generation has been minimal. Ethena generated just $56.91 in fees over the previous 24 hours, and $21,317 over the last 30 days.
Spot Market Shows Buying Interest
Spot market data suggests growing trader interest. CoinGlass reported spot market netflow turned negative over the last 24 hours at -$27.41 million, indicating strong buying pressure. Over the last 12 hours, netflow reached -$358,000.
This marks a reversal from September 2-3, when traders sold approximately $4.7 million worth of ENA. Over a two-week horizon, however, selling pressure has dominated, with the seven-day netflow at -$4.82 million.
Perpetual Market Positioning Deserves Attention
The perpetual market's Open Interest-Weighted Funding Rate stood at 0.0023%, indicating net long positioning. However, this metric declined from 0.0059% on September 3, suggesting expanding short positions.
A sustained decline in the funding rate could apply downward pressure on the asset's price. Conversely, an upward reversal could support further price gains.
