Ethena (ENA) has been heavily shorted in the derivatives market, showing staggering negative funding rates on May 18. The cryptocurrency could suffer a short squeeze soon as the market’s open interest weighs toward short positions against ENA.
Notably, the most relevant indicator for a short squeeze alert on Ethena is its massive negative funding rate. On that note, Finbold retrieved data from CoinGlass showing ENA short-sellers are paying a 268% APR to long-position traders.
Funding Rate Heatmap: ENA. Source: CoinGlass / Finbold
Moreover, Ethena has the 25th largest open interest (OI) among all cryptocurrencies, currently with $194.21 million in open positions. ENA’s OI stands out with 16% of a $1.19 billion market cap, one of the largest OI/MCap ratios.
ENA derivatives market data. Source: CoinGlass / Finbold
Ethena (ENA) short squeeze price target
As of this writing, ENA trades at $0.78, up 10.26% in the last 24 hours. The 24-hour open interest increased by 12.5%, w
We współpracy z: https://finbold.com/short-squeeze-alert-this-cryptocurrency-could-skyrocket-next-week/
