Ethena’s TVL Hits the Moon, But ENA Price Takes a Nap 😴💤

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Key Takeaways (Because Who Has Time for the Whole Story?)

Why is Ethena’s TVL Rise a Big Deal? 🤑

Ethena locked a whopping $13.88 billion in TVL with an APY of 7.2%, proving that investors are either geniuses or just really good at ignoring the price drop. 🧠💸

What Could Wake ENA’s Price from Its Slumber? 🌟

Funding Rate hit -0.0046% while exchange Netflows rose, which is financial jargon for “things might get interesting soon.” 🚀 Or not. Who knows?

So, Ethena [ENA] is flexing its on-chain muscles, but its price is taking a leisurely stroll downhill. At the time of writing, ENA was chilling at $0.703, down 3.28% on the day and a whopping 13% weekly. Ouch. 😬

But hey, despite this little hiccup, the Total Value Locked (TVL) and active participation are screaming, “We’re still here!” 🎉

AMBCrypto is now here to unravel this financial mystery: Can rising adoption and falling prices coexist? Spoiler: They can. And they are. 🤷‍♂️

Investors Are Throwing Money at It Like It’s a Black Friday Sale 🛍️

DefiLlama data shows Ethena’s TVL climbed to $13.88 billion, setting a new record. A one-day inflow of $151 million suggests investors are either very optimistic or just really bad at reading the room. 🤔

A rise in TVL usually means investors are feeling bullish, while a decline means they’re probably crying into their coffee. ☕ In ENA’s case, the numbers say “growth,” but the price says “nap time.” 😴

On-Chain Activity is Partying Like It’s 2021 🎊

On-chain activity is mirroring this optimistic vibe. Ethena’s 30-day APY hit its highest point since March, crossing 0.072. Liquidity providers are basically printing money, but the token price is like, “I’m good, thanks.” 🙅‍♂️

Transaction volume is also through the roof, with Active Participants surging to 32,000. That’s a lot of people clicking buttons. Yet, the token price remains as unbothered as a cat in a sunbeam. 🐱

Off-Chain Investors Are Betting on a Snooze Fest 😴

Meanwhile, in the Spot market, $5.4 million flowed into centralized exchanges, which is code for “people are selling.” 📉 Perpetual market sentiment is also bearish, with the Open Interest Weighted Funding Rate at -0.0046%. Shorts are winning, and longs are probably crying into their spreadsheets. 😢

So, ENA is stuck in a tug-of-war between on-chain optimism and off-chain pessimism. Unless the selling pressure eases, the downside might extend. But hey, stranger things have happened in crypto. Like, remember when that dog coin went to the moon? 🚀🐕

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2025-09-17 03:28