Hayes buys up $ENA, reasons clearly stated six months ago
Arthur Hayes, everyone knows him, right? He accumulated a total of 16.79M ENA in just two days, making ENA his second-largest holding after Ethereum.
Additionally, according to NANSEN data, Pantera Capital increased its position in $ENA by $8 million in the past 24 hours. This blockchain investment firm has been steadily increasing its $ENA holdings over the past three weeks.
Why do seasoned crypto investors like Hayes and professional institutions choose to increase their holdings of $ENA?
Earlier this year, he dedicated a significant portion of a blog post to discussing USDe. USDe is Ethena's 'synthetic dollar' token, pegged to a price of $1. Hayes believes that Ethena is a revolutionary project addressing the current pain points of stablecoins: USDe stablecoin not only offers a high yield (currently annualized at 25%, previously approaching 30%) but also has an innovative mechanism that resolves Tether's shortcomings in yield distribution and regulatory risks. The yield of USDe comes from collateral staking and perpetual contract funding rates, making this model more attractive than traditional stablecoins. Furthermore, Ethena's team has also received investment from major exchanges like Binance and OKX in the capital markets. Perhaps these reasons prompted him to make significant purchases of ENA tokens recently.
