Who's actually short $ENA after a 7% day? Funding says almost nobody. 🧮
Ethena printed -7.03% in the last 24 hours against a 7d of -7.73%, so almost the whole week's damage landed today. The trigger is a dYdX on-chain vote to close 17 low-liquidity markets, ENA among them, with voting ending October 29 and settlement by October 30, and behind it sits the next core contributor unlock on November 2. Yet funding is -0.004%, a hair below flat. Shorts are paying, but barely, which reads as spot selling into thin bids rather than a leveraged crowd piling on. $ETH at -6.57% on the week isn't helping.
Price is 0.1945 USDT against a 24h range of 0.1929 to 0.2165, so $ENA is sitting on the floor of the day on 37M USDT of turnover, and nobody has lifted it off that low yet. 📉 What would change my read is funding, not the headline. If it pushes properly negative while price holds this floor, the shorts arrived late and are paying to stay. If it flips positive on a bounce, longs are the ones catching the knife. The vote lands within a day, and a venue dropping a coin for low liquidity is usually priced before it's official.
Which side would you rather be paying funding on here, the shorts who haven't shown up or the longs holding the floor? 🤔
#ENA #FundingRates #TokenUnlock #Governance
Ethena printed -7.03% in the last 24 hours against a 7d of -7.73%, so almost the whole week's damage landed today. The trigger is a dYdX on-chain vote to close 17 low-liquidity markets, ENA among them, with voting ending October 29 and settlement by October 30, and behind it sits the next core contributor unlock on November 2. Yet funding is -0.004%, a hair below flat. Shorts are paying, but barely, which reads as spot selling into thin bids rather than a leveraged crowd piling on. $ETH at -6.57% on the week isn't helping.
Price is 0.1945 USDT against a 24h range of 0.1929 to 0.2165, so $ENA is sitting on the floor of the day on 37M USDT of turnover, and nobody has lifted it off that low yet. 📉 What would change my read is funding, not the headline. If it pushes properly negative while price holds this floor, the shorts arrived late and are paying to stay. If it flips positive on a bounce, longs are the ones catching the knife. The vote lands within a day, and a venue dropping a coin for low liquidity is usually priced before it's official.
Which side would you rather be paying funding on here, the shorts who haven't shown up or the longs holding the floor? 🤔
#ENA #FundingRates #TokenUnlock #Governance