{"id":599465,"date":"2026-05-17T19:00:40","date_gmt":"2026-05-17T23:00:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=599465"},"modified":"2026-05-17T07:52:53","modified_gmt":"2026-05-17T11:52:53","slug":"ethena-earnings-hit-8-month-high-why-ena-still-faces-downside-risk","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethena-earnings-hit-8-month-high-why-ena-still-faces-downside-risk\/","title":{"rendered":"Ethena earnings hit 8-month high – Why ENA still faces downside risk"},"content":{"rendered":"

Ethena [ENA] has posted a struggling price performance in the past day despite the protocol recording its highest monthly earnings in eight months.<\/p>\n

Demand continues to build at the fundamental level, but the probability of a rally remains slim. However, a key demand zone on the chart could lift price significantly if it holds.<\/p>\n

Decoding Ethena’s monthly earnings<\/strong><\/h2>\n

Ethena’s<\/a> earnings have now reached the highest level since September 2025. According to its earnings report, which tracks profitability, Ethena generated about $605,000 in just the first seventeen days of this month.<\/p>\n

Earnings data of this nature often signals that a protocol is performing positively and adds further incentive for investors to accumulate or maintain a long-term position in ENA.<\/p>\n

\"Ethena<\/a>
Source: DeFiLlama<\/figcaption><\/figure>\n

That long-term view is already in motion, as reflected by the Total Value Locked (TVL).<\/p>\n

TVL measures the total value of crypto assets deposited into a protocol’s smart contracts, spanning liquidity provision, lending, and yield generation. A rising TVL typically signals growing user confidence in the protocol and increasing demand for its products.<\/p>\n

Notably, Ethena\u2019s TVL has risen by about $998 million since the 23rd of April, reflecting growing investor confidence as more capital is deployed into the protocol and signaling belief in its near\u2011 to long\u2011term utility.<\/p>\n

Spot investors accumulate<\/strong><\/h2>\n

Spot market investors have shown clear and active interest in acquiring ENA, according to CoinGlass spot exchange netflow data.<\/p>\n

The spot netflow over the past ten days shows cumulative outflows of roughly $140 million. This\u00a0growing trend of investors acquiring ENA through its highs and lows within this period is typically associated with bullish accumulation behavior.<\/p>\n

\"Ethena<\/a>
Source: CoinGlass<\/figcaption><\/figure>\n

However, the perpetual market tells a different story. A consistent pattern has emerged pointing to an anticipated decline, with short positions rising over the same period to capitalize on expected downside.<\/p>\n

Perpetual market netflow over the past ten days has reached $819 million in outflows, reflecting the scale of this positioning. The Funding Rate has since turned negative, confirming that short traders are currently in control.<\/p>\n

Given their profitable track record, there is a reasonable probability they are correctly reading the near-term direction.<\/p>\n

ENA trades on slim support with a 30% upside target<\/strong><\/h2>\n

On the chart, ENA shows a tendency for a rebound to the upside from its current position.<\/p>\n

At the time of writing, the asset is trading on a slim support level, and a rally from this level could yield a 30% gain for the asset.<\/p>\n

However, if perpetual trader pressure intensifies, ENA could swing even lower, dropping toward a deeper demand zone before staging an upswing toward the target marked above. For now, structurally, the asset appears positioned for a major rally.<\/p>\n

\"ENA<\/a>
Source: TradingView<\/figcaption><\/figure>\n
\n

Final Summary<\/h2>\n
    \n
  • Ethena has generated $456,000 in monthly earnings, its highest reading since September 2025.<\/em><\/li>\n
  • Spot investors have recorded a cumulative $139 million in outflows over the past ten days.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    Ethena has posted its highest monthly earnings in ten months and recorded $1.86 billion in TVL growth.<\/p>\n","protected":false},"author":101,"featured_media":599481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-599465","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nEthena earnings hit 8-month high - Why ENA still faces downside risk - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethena posts $605K in monthly earnings and $998M TVL growth, but a negative funding rate put ENA's 30% upside target at risk.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethena-earnings-hit-8-month-high-why-ena-still-faces-downside-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethena earnings hit 8-month high - 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