ENA extended its gains alongside broader market strength, although underlying signals remained mixed.
Over the past 24 hours, Ethena saw double-digit gains as capital shifted to high-beta altcoins. However, protocol and derivatives data suggest that the rally was not one-dimensional.
Capital inflows strengthen the dynamics of the ENA
One of the clearest indicators that the market has entered a stronger bullish phase is the renewed participation in on-chain metrics and perpetual futures markets.
On-chain performance, often evaluated based on protocol revenue and utility, has improved significantly. At the time of writing, Ethena’s (ENA) revenues during the first 47 days of Q1 2026 had already surpassed their total revenues recorded in Q4 2025.
Data from DeFiLlama showed that the protocol’s revenue increased from $463,000 in the fourth quarter of 2025 to around $566,000 so far in the first quarter.
Source: DeFiLlama
This increase signals a rebound in user activity and capital deployment compared to the previous period, when market-wide volatility and declining liquidity weighed on performance.
Derivatives activity also supports the bullish scenario.
Data from CoinGlass showed an increase in open interest alongside positive funding rates. The weighted average funding rate remained positive at 0.0078%.
This alignment indicated that long traders were paying a premium to maintain their exposure. The rise in open interest suggests that new capital has entered positions rather than simply short covering.
This combination generally reflects the conviction behind the bullish price momentum.
Cash investors reduce their exposure
Despite the improvement in derivatives and on-chain signals, the first signs of weakness are emerging in the spot market.
ENA Spot Inflow/Outflow data showed net selling pressure on February 25. Exchange Netflows recorded approximately $1.80 million in net outflows to exchanges, signaling a distribution.
Such a move often reflects profit-taking or defensive positioning during rallies.
This change has created a divergence between optimism on derivatives and caution on spot.
Source: CoinGlass
The next token unlock scheduled for March 6 could also influence sentiment. Some investors appear to be locking in their gains before additional supply comes into circulation.
Although the release is relatively modest – approximately $4.16 million in ENA – the impact on the market depends on behavior. If the allocated portfolios decide to sell and overall market sentiment weakens at that time, the price could react quickly to the additional supply.
That said, the tokens unlocked would be intended for the development of the ecosystem.
If deployed for operational expenses or payments for services, some supply could still end up on the open market, potentially increasing selling pressure in the short term.
The ENA remains at a balanced level
For the moment, the structure of the ENA remains relatively balanced. Liquidity clusters are positioned both above and below the current price, suggesting that there is no immediate directional dominance.
With liquidation levels concentrated close to both sides, the next decisive move will likely depend on current dynamics and overall market conditions.
Given the current bullish momentum and strengthening on-chain and derivatives metrics, ENA appears positioned for potential further upside.
However, sustainable gains will require spot demand to align with the optimism of perpetual markets.
Source: CoinGlass
Final Summary
- Ethena (ENA) posted double-digit gains as Q1 revenue reached $566.73K, surpassing Q4’s $463.26K.
- The protocol’s total revenue reached $10.18 million, signaling an uptick in on-chain activity.
