With positive signals in derivatives, can ENA reverse to the upside?
- The wallet belonging to Mellow Finance withdrew 15.147 million ENA worth $4.48 million from Bybit. Funding Rates turned positive across several major exchanges, while the aggregated order book liquidity delta also returned to positive territory.
By choosing Ethena [ENA] as its first altcoin to invest in, Mellow Finance took a big bet at a time when the market was in the process of correcting.
With the wider toppings of the altcoins, the fund issued 15.147 million ENA, worth about $4.48 million, out of Bybit to the personal wallet.
Buying the dip… or backing the future?
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This first time storage of the altcoin was a sign of high confidence in the future of Ethena Labs.
The timing strategy by a correction implied that Mellow Finance perceived ENA had valuable fundamentals that were undervalued.
Source: Disaster/X
The step can also be indicative of institutional confidence in Ethena in the crypto infrastructure of the future. This could support hope amid a generally poor altcoin performance in the market.
ENA’s derivative markets signals
A dive into derivative markets showed that ENA’s Funding Rate History presented a rebound into the positive region on the bigger exchanges.
Funding Rates turned positive on major platforms, including Bitmex, Hyperliquid, and Bybit, signaling traders are again paying to hold longs.
That’s a key shift after April’s prolonged negative Funding Rates streak.
Source: CoinGlass
Additionally, the Aggregated Orderbook Liquidity Delta once again increased to positive figures, about $551.46K, a few days later after a drastic decrease on June 10.
This inflow of around $0.29–$0.30 suggests renewed buy interest, even if cautious.
Source: CoinGlass
The rampant green delta bars indicated that there was a revival of interest in going by but on a guarded basis. This inflow arrested the price at around $0.30 and showed a possible short-term base.
Key liquidation levels to watch
The Binance ENA/USDT Liquidation Heatmap reveals key risk zones.
There’s $262K in liquidation leverage below $0.28—a zone that could act as short-term support if bulls defend it.
Meanwhile, stacked short liquidations above $0.30 present an opportunity for a squeeze if the price breaks through.
Source: CoinGlass
In short, the closer ENA trades to these levels, the more explosive the next move could be.
Whether that’s a breakout or a trap depends on how much conviction traders bring to the table.
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