Ethena reaches all-time high TVL, but ENA price declines 13% – here’s the explanation

Ethena’s impressive TVL growth of 13.88 billion USD accompanies a bearish decline in ENA’s price. The negative funding rate indicates traders’ pessimism, highlighting a struggle between robust investor interest and falling token value.

With 32,000 active participants and significant transaction volumes, the on-chain activity indicates strong engagement despite recent price dips. However, ongoing selling pressure, notably with 5.4 million USD entering exchanges, continues to put downward pressure on ENA’s market performance.