ENA -8.9%: Longs Paid 91% of $2.66M, OI Sheds 12%
ENA Slides 8.9% as Longs Carry the Full Cost
ENA dropped 8.9% to $0.1364 over the last 24 hours, and the liquidation feed shows who paid for the move. Long positions covered 91% of the $2.66 million liquidated, roughly $2.41 million against just $0.26 million from shorts. Binance and OKX agree on the numbers: Binance shows $0.13640 with an 8.87% drop, OKX shows $0.13642 with an 8.82% drop. The sell-off was not a short attack. It was crowded longs getting flushed out as the token gave back part of the run that started on August 24.
Open Interest Sheds 12% to $330 Million
The unwind showed up in the derivatives book. Total open interest fell 12% to $329.9 million in 24 hours, and the decline is broad-based rather than concentrated on one venue. Binance OI dropped 10.2% to $80.9 million, Bybit fell 14.7% to $66 million, OKX shed 11.2% to $11.1 million, and Bitget was down 8.8% to $30 million. Leverage is leaving through every major door. The 4-hour changes are mostly flat or slightly negative, which suggests the heavy deleveraging happened earlier in the session and the bleed has slowed.
Funding Still Positive, Fees Not Signaling Capitulation
One number does not fit the flush narrative. Weighted funding across venues is still positive at roughly 0.003%, with Binance, OKX, and Bybit all at 0.005% and Hyperliquid at 0.00125%. Longs are still paying shorts to hold their positions. In a full capitulation, funding would flip negative as shorts demand a premium. Here the fee structure says positioning is cooling off but the crowd has not given up on the direction. That mix, falling price plus positive funding plus shrinking OI, typically marks a pause in an uptrend rather than the start of a new downtrend.
What to Watch Next
The key level is the $0.1350 area, the low of this sell-off and a zone where longs liquidated heavily. If ENA reclaims $0.1420 in the next session, the flush looks like a shakeout and OI should start rebuilding. If it loses $0.134, the next support is around $0.128, and the positive funding rate becomes a headwind because longs keep paying even as price drops. For traders, the signal to watch is funding: a flip to negative with OI still falling would confirm the bulls have given up, while funding holding positive with OI stabilizing would argue for a rebound attempt.
Data as of 02:08 Beijing time on August 27, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.