Arthur Hayes made a profit of $1.14 million by purchasing ENA to offset his losses in Aethir, and this transaction increased the price of the altcoin by 22.5%.$ENA

The Ethena network has managed to boost investor confidence with the total value locked (TVL) currently at $4.09 billion and USDe generating 25 percent annualized returns. ENA’s price is expected to rise to $1 if it holds the $0.75 support level.

BitMEX exchange co-founder and former CEO Arthur Hayes’ Ethena (ENA) purchases have caused significant movement in the cryptocurrency market. According to on-chain data, Hayes invested in ENA by selling his Aethir (ATH) assets, which he had sold at a loss. Over the past two days, Hayes’ purchases have increased ENA’s price by 22.5 percent, bringing its market value to $2.13 billion. At the end of November, Hayes lost approximately $815,000 by liquidating his Aethir (ATH) assets. However, he made up for this loss in just two days with his ENA investment. According to blockchain monitoring platform Spot On Chain, Hayes withdrew a total of 16.79 million ENA coins from the Binance exchange. The average price of these purchases was $0.66, while he made a profit of $1.14 million thanks to the increase in ENA.

The ENA market continues to grow rapidly. According to Coinglass data, open interest in ENA increased by 23 percent to $374 million. The total amount of liquidations exceeded $1.29 million. Short position liquidations reached $956 thousand, and long position liquidations reached $335 thousand. The total value of locked assets (TVL) belonging to the Ethena network increased to $4.09 billion.

Ethena Labs, the organization behind Ethena, is drawing attention with its synthetic dollar USDe. USDe is collateralized by Bitcoin ($95,661) and Ethereum ($3,603) and offers users an impressive 25 percent annualized return. In addition, popular derivatives platform Deribit has integrated USDe as a collateral asset. These developments increase confidence in the altcoin.

The $0.75 support level is critical for ENA’s price. Analysts predict that if this level is maintained, ENA could rise by 33% to $1. There is increasing expectation among investors that ENA will test its all-time high of $1.5.

Ethena Labs managed to increase its USDe supply to $4 billion while expanding its user base. This growth could herald new records in ENA’s price.