Arthur Hayes, the former CEO of BitMEX and one of the most controversially known players in the cryptocurrency market, has just taken a step that has everyone in the community talking. He dumped ENA Ethena tokens worth $8.4 million on Binance, just two hours after praising the project in a tweet. From November 26 to 28, Arthur quietly accumulated a position of 16.79 million ENA tokens at a price of $0.67 per token, which at that time amounted to $11.21 million. And now he is cashing out while the token price is $0.7015, making a neat profit of $7.7 million.
Arthur still holds 9.96 million ENA worth $11.7 million, of which 7.94 million is staked. His current assets have already yielded a total profit of $8.71 million, which is 78%.
The wild ride of Ethena: price spikes, tweets, and chaos
ENA has been on a rollercoaster, partly thanks to Arthur. Before his dump, the token had risen by more than 25% over the week, reaching $0.7015 on December 21, driven by increased demand and speculation.
On Twitter, he wrote: 'I could nitpick some things, but this is a very impressive presentation of Ethena Labs. If you are using DeFi and haven't integrated USDe or sUSDe, you messed up.'
His comment section has plunged into chaos. People are calling him a clown and making accusations of insider trading and market manipulation. This is not the first time Arthur has faced such allegations.
You can't deny that Arthur's support added credibility to the project, even if his actions later undermined that trust. But don't distort the essence: this was not charity. As we can see, Arthur knows how to cash out when the time comes.
$ENA $Sui
