Bitmex co-founder Arthur Hayes is on an ENA accumulation spree driving greater than 22% Ethena worth positive factors within the final 24 hours. This comes as Hayes is reportedly transferring all of his Aethir (ATH) holdings to Ethena (ENA) as a part of portfolio reshuffling, after making heavy losses in ATH.
Ethena Price Skyrockets on Arthur Hayes Buying Spree
As of press time, ENA worth is buying and selling 22.50% up at $0.7502 with its market cap hovering all the best way to $2.13 billion. In the final two days, Hayes made notable withdrawals of ENA from crypto change Binance, displaying his intensified curiosity within the artificial greenback protocol.
According to blockchain monitoring platform Spot On Chain, Hayes not too long ago withdrew a further 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.
The common buy worth of ENA by the BitMEX co-founder at present stands at $0.66. Thus, Ethena worth appreciation thereafter has resulted in an unrealized revenue of $1.14 million, or over 14% appreciation already.
On November 26, Arthur Hayes liquidated all of his Aethir (ATH) holdings after months of holding and making an estimated lack of $815,000. However, shortly recognizing a great alternative in ENA, Hayes has already recovered these losses in two days with some extra unbooked revenue.
The BitMEX co-founder has been shilling Solana-based meme coins off recently along with his newest wager being FlowerAI (FLOWER). He additionally made sturdy income from his early wager on Goatseus Maximus in October final month.
ENA Bullish Momentum and Other Milestones
As per the Coinglass data, the ENA open curiosity has shot up by 23% to $374 million whereas the overall ENA liquidations have shot as much as $1.29 million, of which $335,000 are in lengthy liquidations and $956,000 are briefly liquidations. Moreover, the overall worth locked (TVL) on the Ethena blockchain has additionally surged to $4.09 billion.
The Ethena blockchain is gaining sturdy traction by way of its artificial greenback USDe. It is backed by collateral within the type of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from conventional stablecoins by providing a local yield. Recently, the favored derivatives platform Deribit integrated USDe within the type of crypto margin collateral.
Moreover, Ethena Labs celebrated an vital milestone of reaching a 4 billion provide for USDe whereas producing an annual proportion yield (APY) of a staggering 25% for its customers. Back in September, the platform additionally unveiled its UStb stablecoin collateralized by monetary big BlackRock and Securitize.
All eyes are on the ENA bulls as they should maintain Ethena worth above the sturdy assist of $0.75. If they handle to drag this off, ENA might be heading for an additional 33% positive factors to $1. Some traders are additionally speculating that ENA will hit its all-time excessive of $1.5.
Bhushan Akolkar
Bhushan is a FinTech fanatic with a eager understanding of monetary markets. His curiosity in economics and finance has led him to give attention to rising Blockchain know-how and cryptocurrency markets. He is dedicated to steady studying and stays motivated by sharing the data he acquires. In his free time, Bhushan enjoys studying thriller fiction novels and infrequently explores his culinary abilities.
Disclaimer: The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
