Is it the real big opportunity? Ethena surges 16% in the last 24 hours – will it last?
Data shows that Ethena bulls have pushed hard in the last 24 hours, with the token’s value surging 16%. In fact, bulls have dominated the last week.
The price of ENA has risen by more than 40% in the last seven days, and at the time of writing, the token is trading at $0.4015 with a market cap of more than $1.1 billion.
Despite such a huge price increase, most investors are still losing money.
AMBCrypto’s analysis of Intolock data shows that only 6.29k ENA addresses are in profit, accounting for 15% of the total ENA addresses.
The situation on the social front is not optimistic either. When we check Santiment’s data, we find that Ethena’s weighted sentiment has entered the negative zone. This indicates that bearish sentiment is rising.
Today, Ethena accounts for 3% of BTC open interest and 9% of ETH open interest, while SOL currently has about $2 billion in open interest. Officials believe that occupying $100 million to $200 million of open interest is a reasonable initial goal, so that its BTC and ETH weights in their respective markets are consistent.
However, the official also added that considering the short trading history, low liquidity and less historical financing rate data of SOL perpetual futures, the proposed allocation will be slowly expanded after consultation with the risk committee.
However, the trading volume of the token has increased in the past few days, and the price of ENA has also risen sharply. While this seems to be good news at first glance, there is more to watch.
Ethena's long/short ratio has fallen, which means that there are more short positions than long positions in the market.
