ENA Reversal: -11.5% to $0.1577, Longs Paid 64% of $5.1M
ENA Reversal: From $0.1838 to $0.1577 in One Day
ENA reversed hard on Monday. The token traded at $0.1577 around 18:20 Beijing time, down 11.5% over the past 24 hours and roughly 14% below the session high of $0.1838 hit during the Asian morning. Binance and OKX showed matching prints, $0.15765 and $0.15780, with the same high-low range, so the pullback was not a venue-specific glitch. The move put ENA back near the lows of the day and erased most of the squeeze rally from the weekend, when shorts were forced to cover in a burst.
Volume stayed heavy through the drop, with roughly $1.6 billion changing hands across major exchanges in 24 hours. The decline did not come on shrinking participation; traders were actively unwinding positions, not simply walking away.
Longs Took 64% of $5.08M in Liquidations
The liquidation ledger shows the flip side of the squeeze story. Over 24 hours, ENA recorded $5.08 million in forced closes, and 64% of that came from long positions, about $3.25 million, against $1.83 million from shorts. During the rally on Sunday, shorts were the side paying; now the longs who chased the breakout are the ones being cleared.
That is a two-way flush. The first leg removed the shorts who bet against the pump, and the second leg removed the longs who bought near the top. Both sides of the book have taken damage within roughly two days.
Open Interest Shrank 10.4% While Funding Stayed Positive
Positioning is coming down with the price. ENA's aggregate open interest fell 10.4% to $395 million in 24 hours, led by OKX at -20.4% and Binance at -13.4%; Bybit, the second-largest venue for the coin, shed 14.7%. The decline was broad rather than concentrated in a single exchange.
Funding rates, however, stayed mildly positive. Binance, OKX and Bybit all printed 0.005% per settlement period, while Hyperliquid sat at 0.00125%. Positive funding through an 11% drop means the market is not pricing an aggressive short takeover; the reset is coming from longs closing out rather than shorts piling in.
What the Round Trip Means
The ENA move of the past two days was positioning-driven. The pump was fueled by a short squeeze, and the reversal is the leveraged longs from that pump getting flushed. The net result is that open interest is back toward pre-squeeze levels and the crowded side of the book has been cleaned out.
The signal to watch now is funding. If it flips negative while open interest keeps bleeding, the next move would likely be built from the short side, a different setup from the squeeze that just played out. Until then, the tape looks like a leverage reset, not a trend change.
Data as of 18:20 Beijing time on Aug 24, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.