Crypto Express

07/21 01:41

ENA Futures are eyeing more gains

According to Coinalyze, Ethana’s Long Short Ratio jumped significantly, reaching 2.58 as of the time of writing. Thus, it seems these buyers rushed into the market to position themselves. 

Typically, when this metric surges to such levels, it signals a higher demand for long positions. Thus, investors who rushed into the Futures market entered to take long positions. 

In that case, long positions accounted for 72.09% while short positions accounted for 27.9% of the total Futures positions. 

This is further validated by the Aggregated Funding Rate, which has remained positive sustainably for the past week.

When Futures record a higher demand for longs, it implies that investors are aggressively betting on prices to rise further. 

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