Ethena (ENA) has notched its strongest monthly earnings since September 2025, even as a negative funding rate threatens to derail a projected 30% rebound.
Ethena Earnings, TVL Surge
The synthetic dollar protocol generated roughly $605,000 in protocol earnings during the first 17 days of May, marking an eight-month high. DefiLlama figures confirm the reading, which tracks revenue minus user incentives.
Total value locked has climbed by about $998 million since Apr. 23.
That figure points to fresh capital entering the protocol as investors deepen their exposure to ENA and the broader Ethena ecosystem. Rising TVL typically signals user confidence and growing demand for a protocol's core products.
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Spot Buyers, Perp Shorts Diverge
Data shows spot exchanges have recorded cumulative netflow outflows of about $140 million over the past ten days, a pattern often tied to bullish accumulation. Investors have kept buying through ENA's price swings.
The perpetual market has moved the other way. Perp netflow outflows over the same window reached $819 million, with short positions stacking up. The funding rate has turned negative, confirming bears now hold the upper hand on derivatives venues.
That split between spot accumulation and derivatives selling pressure underscores the conflict driving ENA's near-term path.
ENA Price Risk Below Support
Charts place ENA on a slim support level, with room for a 30% rebound if buyers defend it. A break lower would expose a deeper demand zone before any structural recovery attempt.
The token has logged sharp drawdowns through 2026. CoinGecko data puts ENA down 18.3% over the past seven days and roughly 92.9% below its all-time high of $1.52, while market capitalization sits near $967 million.
Earlier this month, Grayscale Investments added ENA to its DeFi Fund at a 13.59% allocation, and the token launched on Solana via Sunrise DeFi on May 14, contributing to a 90-day high in network growth before the latest pullback.
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