Despite an overall market decline, Ethena (ENA) showed resilience with a 4.96% increase in value over 24 hours, highlighting some investor confidence amid broader bearish sentiment.

Derivative traders are exhibiting bullish behavior by increasing long positions, as evidenced by a funding rate of 0.0011%. Conversely, spot market traders have sold 2.05 million USD worth of ENA.

With open interest climbing to 423.98 million USD, the market sentiment suggests potential future gains. However, continued selling from spot traders may limit ENA’s upward momentum.