Arthur Hayes has purchased an astonishing 16.79 million ENA coins in just two days, driving the price of Ethena up and realizing a profit of $1.14 million.
Bitmex co-founder Arthur Hayes is making significant purchases of ENA, driving the price of Ethena up over 22% in the past 24 hours. Reportedly, after suffering significant losses from ATH, Hayes is transferring all his Aethir (ATH) assets to Ethena (ENA) as part of a portfolio reorganization.
Arthur Hayes' frenzied buying has led to a surge in Ethena prices.
As of the time of publication, the ENA price has increased by 22.50% to $0.7502, with the market cap skyrocketing to $2.13 billion. In the past two days, Hayes has withdrawn ENA from the cryptocurrency exchange Binance, indicating his growing interest in the synthetic dollar protocol.
According to data from the blockchain tracking platform Spot On Chain, Hayes recently withdrew 10.36 million ENA tokens, worth $7.49 million. This brings his two-day accumulation to an astonishing 16.79 million.
The average purchase price for BitMEX co-founder for ENA is currently $0.66. Therefore, the subsequent price increase of Ethena has resulted in $1.14 million in unrealized profits, or an increase of over 14%.
On November 26, Arthur Hayes liquidated his holdings in Aethir (ATH) stocks, after holding them for several months, estimating a loss of $815,000. However, Hayes quickly found a good opportunity with ENA and recouped these losses within two days, along with some additional unrealized profits.
The BitMEX co-founder has recently been promoting the Solana-based meme coin, with his latest bet being FlowerAI (FLOWER). Last month, in October, he also made significant profits from an earlier bet on Goatseus Maximus.
ENA Bullish Momentum and Other Milestones
According to data from Coinglass, ENA open interest has surged by 23% to $374 million, while the total liquidation amount for ENA has soared to $1.29 million, with $335,000 in long liquidations and $956,000 in short liquidations. Additionally, the total locked value (TVL) on the Ethena blockchain has also skyrocketed to $4.09 billion.
The Ethena blockchain has gained strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, USDe differs from traditional stablecoins by offering native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto collateral.
Furthermore, Ethena Labs celebrated an important milestone with USDe supply reaching 4 billion, while generating an astonishing 25% annual percentage yield (APY) for users. Back in September, the platform also launched the UStb stablecoin, backed by financial giants BlackRock and Securitize.
All eyes are on ENA bulls as they need to keep Ethena's price above the strong support level of $0.75. If they succeed, ENA could rise another 33% to $1. Some investors are also speculating that ENA will reach an all-time high of $1.50.
