TLDR
- Ethena (ENA) surged 13% to $0.622, reaching a local high of $0.628
- Trading volume increased 28% to $1.14 billion, showing renewed buyer interest
- Open Interest jumped 17.47% to $1.14 billion with Long/Short Ratio above 2 on Binance
- Sustained negative Spot Netflow indicates coins moving off exchanges to holding positions
- Token faces upcoming unlock of 171.85M tokens (worth ~$103M) on August 6
Ethena (ENA) has made a strong upward move, gaining over 13% in the last 24 hours and reaching a local high of $0.628. The cryptocurrency is currently trading at $0.622, showing renewed buyer interest after successfully holding the $0.51 support level.
Trading volume has seen a substantial increase of 28%, climbing to $1.14 billion, which indicates growing market participation and liquidity. This volume surge comes as buyers return to both spot and futures markets.
Data from Coinalyze shows $46.99 million in Buy Volume versus $42.3 million in Sell Volume over the past day. This has flipped the Buy-Sell Delta positive by $4.63 million, reversing the negative trend seen over the previous week. The positive delta suggests renewed spot accumulation is taking place.
Exchange activity further confirms this buying pressure. According to CoinGlass, Spot Netflow has remained negative for eight consecutive days, with -$123K recorded most recently. This sustained outflow pattern typically indicates coins moving off exchanges into private wallets, often considered a sign of long-term holding behavior.
Futures Market Shows Bullish Sentiment
The derivatives market for Ethena is heating up with traders taking strategic positions. Open Interest has jumped 17.47% to $1.14 billion, while Derivatives Volume increased by 46.24% to $3.5 billion. This parallel rise in both metrics reflects both capital inflow and aggressive positioning by traders.
ENA’s 24-hour Long/Short Ratio sits at 1.0008 across exchanges. On Binance, this ratio is even more pronouncedā1.95 among accounts and 2.09 among top traders. These figures clearly show that market participants are predominantly betting on upward price movement.
Technical indicators are aligning with this bullish outlook. The Stochastic RSI has surged from 5 to 18 after making a bullish crossover. Ethena’s Chaikin Money Flow has remained in positive territory since flipping 48 hours ago, further confirming buyer presence.
When these indicators align in this way, they typically signal strengthening upward momentum backed by strong demand. If the current buying pressure continues, ENA could potentially retest the $0.68 level and target $0.70 next.
No chill for $ENA, really strong recovery. Pushing again for the downtrend resistance bullish reversal š pic.twitter.com/R8B6YIFARC
— Crypto Rand (@crypto_rand) August 4, 2025
Supply Unlock Approaching
Despite the positive price action, Ethena faces a potential challenge in the form of an upcoming token unlock. Starting August 6, approximately 171.85 million ENA tokens (worth around $103.02 million at current prices) will be unlocked. This represents about 2.70% of the cryptocurrency’s market cap.
However, market sentiment appears unfazed by this upcoming event. Historically, ENA has performed well in post-unlock periods, though it’s worth noting that previous unlocks were smaller in size than this upcoming one.
The price resilience comes as Ethena Labs recently crossed $10 billion in Total Value Locked (TVL), largely driven by the popularity of USDe with its 11% APY, which has gained trust across the market.
ENA has reached a new all-time high market cap of $3.83 billion, surpassing its previous peak of $3.7 billion from January this year. The token is trading above its 5, 10, and 20-day moving averages, maintaining a technically bullish structure.
If ENA can hold support in the $0.50-$0.55 range, further upside may be possible. However, if buying momentum fades, the $0.55 support level could come into play.
The most recent data shows ENA trading at $0.622, with market participants watching closely to see if the token can maintain its momentum and overcome the $0.68-$0.70 resistance zone in the coming days.
