Ethena [ENA] soars 19% – But this could be a bull trap IF…

Key Points

1. ENA's price rose to $0.7363 with a $244 million increase in Open Interest (OI), indicating strong trader interest.

2. The OI Weighted Funding Rate turned positive (0.0082%), signaling bullish sentiment in the perpetual market.

3. Short-term spot flows showed a $12 million net outflow, creating a bearish dynamic despite broader weekly inflows.

4. Liquidation Heatmap revealed dense liquidity clusters below the current price, posing a risk of a sudden bearish reversal.

5. Short traders faced $4.61 million in liquidations compared to $730,000 for longs, but a market flip could trigger a liquidity cascade.