ENA Price Hits 30-Day High as Bitcoin’s Rally Ignites Altcoin Surge
The post ENA Price Hits 30-Day High as Bitcoin’s Rally Ignites Altcoin Surge appeared on BitcoinEthereumNews.com. Bitcoin’s explosive rally to a new all-time high above $117,000 has triggered a market-wide resurgence in trading activity, lifting altcoins. One of the biggest beneficiaries of this bullish wave is Ethena’s native token ENA, which has surged 25% in the past 24 hours. This makes it the top gainer in the market today. ENA Leads the Charge as Spot Demand and Derivatives Activity Explode Now trading at its highest level in 30 days, ENA’s rally comes with a significant spike in investor interest. Spot inflows into the altcoin have surged to a two-month high, signaling a rapid increase in demand from traders looking to ride the bullish momentum of the past 24 hours. ENA Spot Inflow/Outflow. Source: Coinglass According to data from Coinglass, net inflows into ENA spot markets sit at $3.37 million on Friday, marking the token’s highest single-day inflow since May 12. This reflects a sharp uptick in investor demand and growing confidence in ENA’s short-term prospects. Spot inflows signal investor confidence and often confirm the positive shift in market sentiment toward an asset. When net inflow climbs, there is an increase in the purchase of that asset in the spot market, where transactions are settled immediately. This indicates a rise in demand for the asset, as buyers are willing to acquire it at the current market price. Moreover, ENA’s futures open interest surged 8% over the past 24 hours. It is $425 million at press time — its highest level since June 16. ENA Futures Open Interest. Source: Coinglass An asset’s futures open interest measures the total value of its outstanding futures contracts that have yet to be settled. When it increases, new money is entering the market. This confirms the growing conviction in ENA’s upward movement, especially as traders position themselves to benefit from further price…
The post ENA Price Hits 30-Day High as Bitcoin’s Rally Ignites Altcoin Surge appeared on BitcoinEthereumNews.com.
Bitcoin’s explosive rally to a new all-time high above $117,000 has triggered a market-wide resurgence in trading activity, lifting altcoins. One of the biggest beneficiaries of this bullish wave is Ethena’s native token ENA, which has surged 25% in the past 24 hours. This makes it the top gainer in the market today. ENA Leads the Charge as Spot Demand and Derivatives Activity Explode Now trading at its highest level in 30 days, ENA’s rally comes with a significant spike in investor interest. Spot inflows into the altcoin have surged to a two-month high, signaling a rapid increase in demand from traders looking to ride the bullish momentum of the past 24 hours. ENA Spot Inflow/Outflow. Source: Coinglass According to data from Coinglass, net inflows into ENA spot markets sit at $3.37 million on Friday, marking the token’s highest single-day inflow since May 12. This reflects a sharp uptick in investor demand and growing confidence in ENA’s short-term prospects. Spot inflows signal investor confidence and often confirm the positive shift in market sentiment toward an asset. When net inflow climbs, there is an increase in the purchase of that asset in the spot market, where transactions are settled immediately. This indicates a rise in demand for the asset, as buyers are willing to acquire it at the current market price. Moreover, ENA’s futures open interest surged 8% over the past 24 hours. It is $425 million at press time — its highest level since June 16. ENA Futures Open Interest. Source: Coinglass An asset’s futures open interest measures the total value of its outstanding futures contracts that have yet to be settled. When it increases, new money is entering the market. This confirms the growing conviction in ENA’s upward movement, especially as traders position themselves to benefit from further price…
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