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Ethena posts highest monthly earnings in 8 months but price struggles amid mixed investor signals

Protocol Fundamentals
17 May 2026
AMBCrypto
View Source
Neutral
pluang ai news

Ethena has recorded its highest monthly earnings since September 2025, generating about $605,000 in the first 17 days of the month, signaling strong fundamental demand. Total Value Locked (TVL) in the protocol has also increased by nearly $1 billion since late April, reflecting growing investor confidence. Spot investors are accumulating ENA with $140 million net outflows, but perpetual market traders are increasing short positions, indicating bearish sentiment and creating price pressure. Currently, ENA trades on a slim support level with potential for a 30% rally if demand holds, though intensified selling could push prices lower before a rebound.

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