Ethena [ENA] It has been a difficult day for the price of the protocol, even though it recorded its best monthly earning in eight months.
A rally seems unlikely, but fundamentally the demand is still building. A key demand area on the chart, however, could significantly lift prices if it held.
Ethena’s Monthly Earnings: How to decode it
Ethena’s The highest earnings since September 20,25 have been achieved. Ethena’s earnings report tracks its profitability and shows that it generated $605,000 just in the first 17 days of September.
This type of data is often a sign that the protocol has been performing well and gives investors an additional incentive to maintain or accumulate a position over time in ENA.
The Total Value Locked, or TVL (Total Value Locked), reflects this long-term perspective.
TVL represents the aggregate value of all crypto-assets deposited to smart contracts in a particular protocol. It includes lending, yield generation, liquidity provision and more. TVL increases are usually a sign of growing confidence by users in the protocol, and an increase in demand for their products.
Notably, Ethena’s TVL has risen by about $998 million since the 23rd of April, reflecting growing investor confidence as more capital is deployed into the protocol and signaling belief in its near‑ to long‑term utility.
Spot investors accumulate
According to CoinGlass data on spot exchange netflow, investors in the ENA market have expressed a clear and active desire to acquire ENA.
This spot netflow shows a total outflow of about $140m over the last 10 days. This growing trend of investors acquiring ENA through its highs and lows within this period is typically associated with bullish accumulation behavior.
But the market for perpetuals tells us a very different story. Over the past year, a consistent pattern emerged that pointed to an expected decline. Short positions increased over this period in order to take advantage of anticipated downside.
This positioning can be seen in the 819 million dollars of net market flow over the past 10 days. Since then, the Funding Rate is now negative. This confirms that short traders currently control the market.
A reasonable chance exists that, given their track record for profitability, they correctly predict the short-term future.
ENA’s trades are based on thin support and a 30 percent upside target
ENA is showing a tendency to move upwards in the future.
The asset was trading at a thin support level when this article was written. A rally off of that level could result in a gain of 30% for the asset.
The asset could fall even further if the constant pressure of traders intensifies. ENA would then drop to a more intense demand zone, before experiencing a reversal and rising towards the marked target. The asset is currently structurally positioned to experience a large rally.
Final Summary
- Ethena’s monthly income has reached its highest level since September 2025, at $456,000.
- In the last 10 days, outflows by spot investors totaled $139,000,000.
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Source: ambcrypto.com
