Ethena ENA rallies 13% despite low protocol revenue
Ethena (ENA)
Editor:
Eugene Serbin
Bitcoinethereumnews.com reports that Ethena (ENA) surged 13% in the past 24 hours, though this growth appears disconnected from the protocol's actual performance. DeFiLlama data shows the Total Value Locked (TVL) rose by approximately $160 million to $4.719 billion, yet the protocol generated only $56.91 in revenue over the last day. Over the previous 30 days, Ethena produced just $21,317 in total revenue, indicating limited capital flow and minimal fee generation.
Spot market activity showed a net inflow of around $100,000, marking a shift from the $4.7 million in outflows recorded between 2-3 September. In the final 24 hours, net flow turned negative with an outflow of $27.41 million, signaling strong buying interest that intensified to -$358,000 in the last 12 hours. Despite this recent buying, selling pressure has dominated the broader market over the last two weeks.
The perpetual market's Open Interest-Weighted funding rate stood at 0.0023%, with the majority of positions net long. However, this rate dropped from 0.0059% on 3 September to the current level, suggesting that short positions are expanding. A sustained decline in this funding rate could weigh on ENA's performance, while an upward flip might allow the price to rise significantly.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 5 September 2026. Not the outlet's figures.
Whalio's Binance spot data for ENA shows a strong immediate buying pressure with a 65.2% buy ratio in the last hour, compared to 60.8% over four hours and 48.8% over 24 hours. This indicates that recent trading activity is heavily skewed toward purchases, reversing the slight bearish bias seen over the full day. The one-hour volume delta is positive at +$345,777, and the four-hour delta is +$803,714, confirming that buyers are currently dominating the flow. Over the full 24 hours, the volume delta is negative at -$1,080,665, but the cumulative volume delta (CVD) closed at +$784,894, showing net accumulation over the period. Trading volume reached $48,149,489 with 244,750 trades, and net buying occurred for 15 of the 24 hours. The high buy ratios in shorter timeframes suggest that aggressive buying is driving the current price action.
The latest daily buy ratio of 48.8% sits at the 47th percentile of the last 281 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Compared to the preceding week, today's trading activity represents a notable shift in momentum. The seven-day average buy ratio was 48.0%, while the latest day saw a slight increase to 48.8%, just 0.8 points above the average. Volume was 0.97x the weekly average, indicating near-normal trading intensity. Net buying occurred on only 2 of the past 7 days, and the eight-day volume delta was -$8,430,785. The price changed by only +0.2% over eight days, suggesting that despite today's rally, the broader weekly trend remains relatively flat.