ENA defies sell-off fears as Futures traders fuel 17% price hike – DetailsIn the past 24 hours, ENA recorded a major price hike of 17%, with the altcoin continuing its bullish streak from last week. This, despite the fact that in the long-term, the asset is still down by 11.81% or so.

AMBCrypto’s analysis also discovered that this market rally has been supported primarily by derivative traders. Especially as demand from their end increased, while spot traders and whales continued to sellCoinglass’s Exchange Netflows, which measure the inflow and outflow of an asset on exchanges to determine buying or selling activity, indicated that selling is currently dominant. At press time, $2.26 million worth of ENA had been sold across the market.

Similarly, the selling trend seemed to have extended to large investors who held a significant portion of the asset. At the time of writing, these investors had sold 4.18 million ENA worth $1.42 million. Concurrently, selling pressure from retail traders and whales implied that the market may be highly bearish and might note a decline.

However, the sustained rise in ENA’s price suggested that these cohorts are likely just taking profits.

Analysis also revealed that while spot traders and whales have remained bearish, derivative traders have maintained a bullish position. Especially since all key metrics flashed signs of upside.

Open Interest and the long-to-short ratio climbed simultaneously too. This