Ethena’s ENA token rose 13% over 24 hours, although the move was not supported by strong protocol growth. DeFiLlama data showed the protocol’s TVL (total value locked, or assets deposited) increased by roughly $160 million to $4.719 billion, while revenue totaled only $56.91 over the previous 24 hours and $21,317 over 30 days. CoinGlass data pointed to improving spot-market activity, including around $100,000 in net inflows after traders sold roughly $4.7 million of ENA between Sept. 2 and Sept. 3. The latest 24-hour reading was a $27.41 million net outflow, followed by a netflow of negative $358,000 over the last 12 hours. Over a longer period, selling pressure remained dominant, with the seven-day netflow at negative $4.82 million over the last two weeks. In the perpetual futures market, the open-interest-weighted funding rate, which indicates whether leveraged positions are mainly long or short, remained positive at 0.0023%, showing that positions were net long. However, the rate fell from 0.0059% on Sept. 3 to 0.0023% at press time. A sustained decline could weigh on ENA’s price, while an upward reversal could support a significant rise.