ENA draws $1.2M Smart Money as futures sell-off intensifies
Ethena’s native token ENA saw a sharp decline of 7.75% in the past 24 hours, wiping out half of its 30-day 15% gains. Yet, over the last week, Smart Money poured in $1.2 million, while new wallets contributed $4.8 million, signaling confidence in undervaluation. Spot investors further drove $46.45 million of net outflows from exchanges, accumulating 1.39 billion ENA in private wallets. Conversely, derivatives traders closed positions, driving open interest down by 7.54% to $1.25 billion and triggering $94 million in contract outflows. A Liquidation Heatmap reveals heavier clusters above the current price, suggesting a potential sustained upside break. This clash between spot accumulation and futures sell-off could define ENA’s next major move. Traders should watch for momentum shifts: continued Smart Money and retail accumulation may fuel a bullish breakout, while further derivative liquidations could extend short-term pressure.
Bullish
The net accumulation by Smart Money, new wallets, and spot investors outweighs recent futures sell-offs, reflecting underlying bullish conviction. When Smart Money invests during pauses, it often precedes sustained rallies, as seen with ETH’s pre-breakout accumulation phases in 2021. While derivatives closures caused short-term pressure, heavier liquidation clusters above suggest traders hedge on an upside move. In the short term, ENA may face volatility from profit-taking, but long-term, consistent on-chain accumulation and reduced exchange supply support a bullish outlook. Traders should monitor open interest and netflows for confirmation of a breakout.