ENA surged 19.6% in 24 hours along with the increase in Open Interest, indicating new money flow into the market, but liquidity clusters below may put large leveraged Long positions at risk of sudden reversals.
ENA's price increase attracts many new investors and triggers optimistic sentiment, but the potential risk of a bull trap from the liquidity structure remains significant, requiring traders to be extremely cautious.
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ENA recorded a price increase of 19.6% in 24 hours, ranking top 2 in the market.
Open Interest surged by 244 million USD and the funding rate turned positive, reflecting strong interest from traders.
The liquidity cluster below the price along with a high leveraged Long position increases the risk of a deep reversal bull trap.
What is ENA?
ENA is a prominent altcoin that has recorded outstanding growth in the cryptocurrency market recently.
In the past 24 hours, ENA achieved a 19.6% increase, standing out on CoinMarketCap and attracting significant interest from investors. This increase pushed ENA's price to 0.7363 USD, making ENA the second-highest growing altcoin in the market.
The explosive increase of ENA stems from new money flows and technical indicators creating a wave of optimism, but investors still need to remain alert when entering positions in a highly competitive and volatile market.
ENA is maximizing the attention of money flow, but investors need to be wary of sudden reversal signs when liquidity is concentrated below, which can lead to a bull trap.
Quoted from the CoinGlass market report, 2025
What caused ENA to surge 19.6% in the last 24 hours?
ENA's growth in 24 hours was driven by large inflows along with the excitement of investors in the derivatives market.
Notably, Open Interest has increased by 244 million USD, corresponding to an 18% increase in just one day, bringing ENA's total Open Interest to 1.3 billion USD (according to CoinGlass, August 2025). This proves that many new positions have emerged, and many derivative trades have not been settled, reflecting traders' expectations of increased profits.
ENA's funding rate has returned to a positive zone at 0.0082%, indicating that the number of buy (long) contracts is outweighing sell (short). These technical data support positive sentiment and continue to drive money flow into ENA.
The increase in Open Interest along with a positive funding rate is a clear sign of a bullish trend, however, without strong support from spot money flow, investors are easily caught in a bull trap.
Advice from Livio Weng – COO, Crypto.com, speaking at the Blockchain World 2025 conference
What does a strong increase in Open Interest mean for ENA?
The strong increase in Open Interest in the perpetual market reflects new capital inflow and the revival of optimistic sentiment towards ENA.
If Open Interest increases along with price and the funding rate remains above 0.0%, this implies that most investors are betting on an upward price direction. In ENA's case, the Open Interest increased by 244 million USD, pushing total OI to 1.3 billion USD. This is a spike in just one day, indicating that trader interest has surged and new money continuously drives the price up.
However, if the price increase only comes from the derivatives market without real money flow from the spot market, the risk of price manipulation or a bull trap remains. Essentially, high Open Interest can drive large volatility, both up and down, depending on liquidation behavior.
Open Interest data is always a reliable indicator of money flow heat, but it cannot predict whale behavior and the risk of sudden reversals when liquidity clusters are swept strongly.
Jack Tan – CEO Woo Network, shared in Messari's Q3 2025 market report
What does Spot liquidity indicate about ENA investor sentiment?
Liquidity in the spot market reflects a mixed sentiment: moderately optimistic in the medium term, while also showing signs of short-term caution.
In the short term, ENA recorded a net outflow of 12 million USD from spot exchanges. This trend often accompanies temporary bearish risks because the amount of coins sold out exceeds the amount bought in the short term. However, if considering the whole week, ENA has a net inflow of 5.7 million USD, meaning the total amount of coins deposited into spot exchanges is greater than the amount withdrawn in the past 7 days.
This data shows that although there is still profit-taking selling pressure in the short term, medium and long-term investors still believe in the next bullish outlook for ENA.
How do spot inflow and outflow affect ENA's bullish outlook?
Inflow (depositing into exchanges) often indicates that investors want to sell, while outflow (withdrawing from exchanges) is a sign of accumulation.
In the case of ENA, the recognition of a net inflow of 5.7 million USD in the week contains a positive trend. Especially when large inflows coincide with price increases, it often stems from the interest of new investors, who are willing to buy to increase positions. However, moments of strong outflows can initiate a new accumulation cycle, preparing for the next uptrend.
Conversely, significant short-term outflows are a warning signal for profit-taking risks, and investors need to closely monitor strong support zones and carefully consider entering new positions.
Is the risk of a bull trap with ENA currently present?
The risk of a bull trap is entirely justified in the context of a large liquidity cluster concentrated below the current price of ENA.
Analysis of the Liquidation Heatmap shows that thick liquidity zones lie beneath the current price range. If the price is pushed up just to capture liquidity (stop-loss sweep above), then plunges sharply, it will sweep high-leveraged Long positions and lead to a wave of mass liquidations.
Technical and on-chain indicators still favor a bullish trend, but the liquidity clusters below price increase the risk of a bull trap more than usual. When Long positions are heavily leveraged, price reversals will have severe consequences.
Do not let the numbers showing growth in Open Interest mislead you, as the more Long positions with high leverage are in the liquidity clusters below, the easier the bull trap can occur and 'sweep' investors lacking risk control.
CoinGlass report, updated August 2025
How does a large liquidity cluster below the price affect the risk of a bull trap?
When liquidity is concentrated below the price, Long positions will easily become targets for strong reversal price fluctuations.
The Liquidation Heatmap shows that most liquidity is located below the current price of ENA. This can happen because: When the price is pumped higher, large leveraged Long positions will become 'overleveraged'. If whales or large institutions suddenly reverse the price, mass liquidation will create a domino effect, causing the price to plunge sharply.
The history of the cryptocurrency market has recorded many pump & dump sessions with a similar structure, especially when buying power mainly comes from derivatives contracts rather than real money flow in the spot market.
ENA index (8/2025) Average of top 10 altcoins Price increase 24h 19.6% 4.7% Open Interest increased by 244 million USD 35 million USD Total Open Interest 1.3 billion USD 570 million USD Spot money flow in the week +5.7 million USD +1.3 million USD
Liquidation dynamics: Who is most affected?
In the recent breakout, Short positions were the most heavily impacted, with a total liquidation value reaching 4.61 million USD, six times higher than Long positions (only 730 thousand USD were liquidated).
This shows that short-sellers have been caught off guard by the strength of the money flow into ENA at the time of strong price increase, leading to a large wave of liquidations for those betting on price declines.
However, if the price reverses sharply, those still holding high-leveraged Longs will be the next targets to be liquidated, creating the risk of a trend shift to a local bearish market.
The liquidation of Short positions is just the beginning; the market trend often returns to 'hunt' high-leveraged Long positions after an unusual large pump.
Analysis from AMBCrypto, citing CoinGlass data from August 2025
What technical factors are supporting the bullish trend of ENA?
Many technical indicators and on-chain data are supporting ENA's bullish trend, including new money flow into the market, a positive funding rate, and record-high Open Interest with strong liquidity.
These factors not only reflect investor interest but also contribute to increasing FOMO (fear of missing out) across the market. However, the consensus between technical indicators and spot money flow still needs to be maintained to prevent the uptrend from unexpectedly turning into a bull trap.
Experience from the market also indicates that when technical signals are overly optimistic without confirmation from real money flow, significant deep corrections often occur.
What should be done when facing hot increases and the risk of a bull trap like ENA?
Experts recommend that investors should simultaneously adhere to risk management and not use excessive leverage when the uptrend is too strong.
The cryptocurrency market is famous for its high volatility – even for strong altcoins like ENA. Using stop loss orders, reducing leverage, and avoiding entering positions at FOMO price zones is the best way to preserve capital.
Advice from analytical organizations such as AMBCrypto, Messari, and CoinGlass emphasizes: only invest when you accept the possibility of strong reversals and do not chase crowd psychology when the market shows signs of overheating.
Comparing ENA's pump with major altcoins in 2025
ENA's price increase is impressive both in terms of magnitude and trading volume, outperforming the general trend of major altcoins.
At the same time, top altcoins recorded an average increase of 4.7% in 24 hours, while ENA surged to 19.6%. Additionally, ENA's Open Interest is also more than double the average of the top 10 group (1.3 billion USD vs 570 million USD).
The distinguishing factor lies in the stable spot money flow into ENA, indicating that this is not just a temporary pump driven by derivatives but also has support from the real market.
Short-term and medium-term forecasts for ENA
ENA's short-term forecast still leans towards a slight upward trend, but the risk of a bull trap remains very high if buying pressure does not continue to be maintained and new money flow stagnates.
In the medium term, if ENA maintains its spot money flow, especially when the cryptocurrency market capitalization is in a recovery state after correction, the price may aim for new resistance levels. However, those participating at high price levels need to pay attention to strong support levels below to proactively respond to sudden price reversals.
Practical experience from major investors shows that risk management strategies and not chasing crowd effects determine the sustainable profitability when the market fluctuates strongly.
Lessons learned for investors from the price volatility of ENA
The core lesson from what has happened with ENA is: Don’t let the excitement overwhelm risk control. When Long positions are opened en masse with high leverage, the possibility of a bull trap and mass liquidations is always present, especially in liquidity clusters concentrated below the price.
Technical indicators, Funding Rate, and Open Interest are only effective when combined with spot liquidity behavior and liquidity zone analysis. Experienced investors know to wait for corrections to enter positions more safely rather than 'buying the top'.
Combining proactive risk management, choosing reasonable entry points, and continuously updating on-chain data will help optimize profits while minimizing losses when the market unexpectedly turns.
Frequently asked questions about price movements & risks of ENA
What is ENA and why is it attracting attention in the market?
ENA is a prominent altcoin that has just recorded a 19.6% increase in 24 hours, attracting significant money flow and community interest through CoinMarketCap data.
What does a strong increase in Open Interest mean for ENA?
The increase in Open Interest to 1.3 billion USD indicates that investors are pouring large amounts into ENA derivatives, reflecting expectations for price increases but also increasing the risk of a bull trap if the price adjusts.
What impact does a positive Funding Rate have on the price of ENA?
A positive Funding Rate signals more Long orders than Short, indicating current market sentiment leans towards bullish, but investors should remain cautious due to higher reversal risks.
What impact does a large liquidity cluster below the current price have on traders?
When liquidity is concentrated below, high-leveraged Long traders may face massive liquidations if the price reverses sharply, triggering a dangerous bull trap.
What statistics warn investors about the risk of a bull trap with ENA?
Liquidation data shows that 4.61 million USD in Short positions have been swept, but if the trend reverses, high-leveraged Long participants will continue to become 'prey' for the market.
What should be done to avoid a bull trap in ENA?
By adhering closely to risk management, reducing leverage, using stop losses, and avoiding entering positions when the market is too FOMO – that's how to protect accounts when ENA experiences strong fluctuations.
What does the net Spot inflow and outflow mean for ENA?
The net inflow in the spot market shows that medium and long-term investors still have expectations for ENA, contributing to strengthening the price increase if this status is maintained.
Source: https://tintucbitcoin.com/ethena-tang-manh-chu-y-bull-trap/
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