📉 The cryptocurrency Ethena (ENA) has significantly dropped on the derivatives market, showing negative funding rates. This could lead to a short squeeze and further losses for investors.
Open positions on the market amount to $194.21 million, which represents 16% of the market capitalization. In the event of a short squeeze, the target price for ENA could fall to $0.83–$0.89, and possibly even to $1.08. However, there are risks and uncertainty surrounding the long-term prospects of the project. Investors should assess all risks and make informed decisions when engaging with this cryptocurrency.