Ethena (ENA) saw a challenging price performance over the past day despite the protocol posting its highest monthly profits in eight months.
Demand continues to grow at the fundamental level, but the likelihood of a rebound remains slim. However, a key demand area on the chart could significantly increase prices if it holds.
Decoding Ethena’s Monthly Income
Ethena’s profits have now reached their highest level since September 2025. According to its earnings report, which tracks profitability, Ethena generated approximately $605,000 in the first seventeen days of this month alone.
Profit data of this nature often indicates that a protocol is performing positively and provides added incentive for investors to accumulate or maintain a long-term position in ENA.
This long-term vision is already in motion, as reflected in Total Value Locked (TVL).
TVL measures the total value of crypto assets deposited into a protocol’s smart contracts, covering liquidity provision, lending, and yield generation. A rising TVL generally signals growing user confidence in the protocol and growing demand for its products.
Notably, Ethena’s TVL has increased by approximately $998 million since April 23, reflecting growing investor confidence as more capital is deployed into the protocol and signaling confidence in its short- and long-term usefulness.
Cash investors accumulate
Spot market investors have shown clear and active interest in acquiring ENA, according to net flow data from spot exchange CoinGlass.
Net spot flow over the past ten days shows cumulative outflows of approximately $140 million. This increasing tendency of investors to acquire ENA through its ups and downs during this period is generally associated with bullish accumulation behavior.
However, the perpetual market tells a different story. A consistent trend emerged indicating an expected decline, with short positions increasing over the same period to capitalize on the expected decline.
The market’s perpetual net flow over the past ten days reached $819 million in outflows, reflecting the scale of this positioning. The funding rate has since turned negative, confirming that short traders are currently in control.
Given their track record of profitability, there is a reasonable probability that they are interpreting short-term direction correctly.
ENA is trading on thin support with a 30% upside target
On the chart, ENA shows a trend of an upward rebound from its current position.
At the time of writing, the asset is trading at a low support level, and a recovery from this level could generate a 30% gain for the asset.
However, if perpetual trader pressure intensifies, ENA could swing even lower, falling toward a deeper demand zone before staging a rally toward the target noted above. For now, structurally, the asset appears positioned for a major rally.
Final summary
- Ethena generated $456,000 in monthly revenue, its highest level since September 2025.
- Cash investors have seen cumulative outflows of $139 million over the past ten days.
