Ethena (ENA) has recently demonstrated remarkable bullish momentum, characterized by a significant rebound in its earnings and a burgeoning long-term confidence among investors. The synthetic dollar utility is gaining substantial traction, leading to increased capital inflows and a strengthened market position.
Strong Earnings and Growing Investor Interest
Ethena Labs has reported a sharp and impressive rebound in its latest earnings, soaring to a new peak of $7.43 million in Q3, a notable recovery from the previous quarter's dip. This robust financial performance has attracted considerable investor attention, with capital actively rotating into ENA. On-chain data underscores this trend, revealing consistent weekly inflows and a record number of ENA holders, now exceeding 76,000, signaling a growing belief in the asset's value.
Bolstering Long-Term Conviction and Liquidity
The outlook for ENA is increasingly leaning towards long-term accumulation, evident in both spot and on-chain activities. Over recent weeks, investors have significantly increased their purchases, moving substantial amounts of ENA into private wallets, which strongly indicates a buy-and-hold sentiment. Further reinforcing this long-term commitment, the Total Value Locked (TVL) within the Ethena protocol has reached an all-time high of $12.66 billion. This surge in locked capital suggests sustained liquidity and a deepening conviction in ENA's future prospects.
