🚨 ENA: Funding at 76% per year – Longs are piling in, risk of a sharp reversal?
Ethena ($ENA ) funding is currently at +0.0087% per hour, equivalent to +76% per year! 🔥 This means longs are paying shorts a hefty fee, suggesting that most traders are betting on ENA going up. A quick look also shows that Open Interest (the number of open contracts) is very high, at around $169.09M.
This is a fairly “extreme” signal, often indicating that the market is overcrowded with longs, who could be forced to close their positions if ENA's price suddenly moves sharply in the opposite direction. This is especially worth noting since ENA has risen nearly 7.3% over the past 24 hours. High-leverage long positions could certainly face liquidation pressure, and a sudden crash could trigger a cascade of liquidations.
For informational purposes only, not investment advice. DYOR.
#ENA #SECHaltsCryptoETFReviewsAmidFundingLapse
Ethena ($ENA ) funding is currently at +0.0087% per hour, equivalent to +76% per year! 🔥 This means longs are paying shorts a hefty fee, suggesting that most traders are betting on ENA going up. A quick look also shows that Open Interest (the number of open contracts) is very high, at around $169.09M.
This is a fairly “extreme” signal, often indicating that the market is overcrowded with longs, who could be forced to close their positions if ENA's price suddenly moves sharply in the opposite direction. This is especially worth noting since ENA has risen nearly 7.3% over the past 24 hours. High-leverage long positions could certainly face liquidation pressure, and a sudden crash could trigger a cascade of liquidations.
For informational purposes only, not investment advice. DYOR.
#ENA #SECHaltsCryptoETFReviewsAmidFundingLapse
