Ethena [ENA] climbs as Q1 revenue beats Q4 2025 – Yet ONE risk remains
ENA prolonged beneficial properties alongside broader market power, although underlying indicators remained combined.
Over the previous 24 hours, Ethena posted double-digit beneficial properties as capital rotated into high-beta altcoins. Nevertheless, protocol and derivatives information advised the rally was not one-dimensional.
Capital inflows strengthen ENA’s momentum
One of many clearest indicators that the market has entered a stronger bullish section is the renewed participation throughout on-chain metrics and perpetual futures markets.
On-chain efficiency, typically evaluated by way of protocol income and utility, has improved notably. On the time of writing, Ethena’s [ENA] income efficiency within the first 47 days of Q1 2026 had already outpaced its whole income recorded in This autumn 2025.
Knowledge from DeFiLlama confirmed that protocol income rose from $463,000 in This autumn 2025 to roughly $566,000 up to now in Q1.
Supply: DeFiLlama
This enhance indicators a rebound in consumer exercise and capital deployment in comparison with the earlier interval, when market-wide volatility and declining liquidity weighed on efficiency.
Derivatives exercise additionally helps the bullish case.
CoinGlass information confirmed Open Curiosity rising alongside optimistic Funding Charges. The Weighted Common Funding Charge remained optimistic at 0.0078%.
That alignment indicated lengthy merchants paid a premium to take care of publicity. Rising Open Curiosity advised contemporary capital entered positions moderately than easy quick protecting.
This mixture usually displays conviction behind upward worth momentum.
Spot traders cut back publicity
Regardless of the enhancing derivatives and on-chain indicators, early indicators of weak point are rising from the spot market.
ENA Spot Influx/Outflow information confirmed internet promoting strain on the twenty fifth of February. Alternate Netflows recorded roughly $1.80 million in internet outflows into exchanges, signaling distribution.
Such motion typically displays profit-taking or defensive positioning throughout rallies.
That shift arrange a divergence between derivatives optimism and spot warning.
Supply: CoinGlass
The upcoming token unlock scheduled for the sixth of March may be influencing sentiment. Some traders look like locking in beneficial properties forward of further provide getting into circulation.
Though the unlock is comparatively modest—round $4.16 million price of ENA—the market influence will depend on conduct. If allotted wallets determine to promote and the general market sentiment weakens at the moment, the value might react rapidly to the added provide.
That mentioned, the unlocked tokens are reportedly designated for ecosystem growth.
If deployed for operational bills or service funds, a portion of the availability might nonetheless discover its approach into the open market, doubtlessly growing short-term promote strain.
ENA stays at a balanced degree
For now, ENA’s construction stays comparatively balanced. Liquidity clusters are positioned each above and beneath the present worth, suggesting no fast directional dominance.
With liquidation levels concentrated in shut proximity on both facet, the subsequent decisive transfer will possible depend upon prevailing momentum and broader market situations.
Given the present bullish momentum and strengthening on-chain and derivatives metrics, ENA seems positioned for a possible continuation to the upside.
Nevertheless, sustained beneficial properties would require spot demand to align with the optimism within the perpetual markets.
Supply: CoinGlass
Ultimate Abstract
- Ethena [ENA] posted double-digit beneficial properties as Q1 income hit $566.73K, surpassing This autumn’s $463.26K.
- Whole protocol income reached $10.18 million, signaling renewed on-chain exercise.
