BitMEX co-founder Arthur Hayes is making a massive wager on Ethena, scooping up $1.505 million value of tokens because the ENA worth dips. Hayes’ buy comes by way of a number of transactions throughout main platforms, signaling potential upside within the token. This transfer comes on the heels of Ethena’s itemizing on the most important Korean trade, Upbit. Can Hayes’ transfer spark a rebound in ENA’s worth?
Arthur Hayes Accumulates Ethena
According to a current revelation by on-chain analyst @EmberCN, Arthur Hayes, the previous CEO of BitMEX, has gathered $1.505 million in ENA tokens over the previous day. In an X post, the analyst revealed that a pockets tackle, apparently related to the BitMEX co-founder, has bought about 4.2 million ENA tokens by way of a number of transactions.
Recently, Arthur Hayes expressed his optimism about a ‘monster altseason,’ with Ethereum main the rally. Hayes’ newest ENA buy additional solidifies his bullish stance on the potential altcoin bull run.
Interestingly, the transactions came about over the past 24 hours, with Hayes utilizing totally different platforms to accumulate the tokens. The breakdown of the transactions reveals that Hayes transferred 755,000 USDC to Binance, which was then withdrawn as 2.1 million ENA tokens.
Additionally, he transferred 248,000 USDC to Wintermute, receiving 700,000 ENA tokens in return. Hayes additionally despatched 502,000 USDC to Galaxy Digital, which resulted within the withdrawal of 1.4 million ENA tokens. These transactions cumulatively quantity to a substantial funding within the Ethena token.
Upbit Lists ENA
It is noteworthy that Arthur Hayes’ Ethena buy comes on the heels of Upbit itemizing the token. In an X submit yesterday, Hayes wrote, “ENA listed on largest Korean exchange. It’s time for liftoff!”
$ENA listed on largest Korean trade. It’s time for liftoff!
Yachtzee 😍😍😍😍😍😍😍😍 pic.twitter.com/6V4FeUiYmq
— Arthur Hayes (@CryptoHayes) July 11, 2025
With a dominant 81% market share and little competitors, Ethena is poised for vital development within the artificial greenback sector. According to Conor Ryder, Head of Research, the platform has the potential to generate over a billion {dollars} in income. Immediately after Upbit introduced the itemizing of ENA on its KRW, BTC, and USDT markets, the ENA worth surged by 20%.
ENA Price Dips: Will It Rebound?
Significantly, Arthur Hayes purchased the tokens when the ENA worth dipped to a low of $0.22. Now, the token has surged to achieve $0.33, after hitting a each day excessive of $0.37.
As of press time, Ethena is buying and selling at $0.3371, down by 7.4%. However, over the previous week, ENA has seen a notable development of 32%. The 24-hour buying and selling quantity has declined by a large 54%, reaching $518 million.
According to CoinGape’s Ethena price prediction, the ENA worth has a most higher restrict of $0.4526016. However, market specialists imagine that the token is poised to surge previous a excessive of $1.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts greater than 3 years of expertise in content material writing, with experience in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
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