Arthur Hayes, a crypto investor recognized for his huge initial investment in Aethir (ATH), has now shifted his attention to Ethena (ENA). The whale who first invested in Aethir back in August 2024, a few days ago began selling his ATH holdings to accumulate ENA.
As per data shared by Lookonchain today, November 28, 2024, the trader has moved his assets from Aethir to the ENA tokens. By dumping all his Aethir holdings, Hayes lost $815,000 (-10.8%) from his initial investment three months ago.
According to Lookonchain, the investor bought a total of 16.79 million ENA tokens (valued at $11.21 million) two days ago. So far, Ethena experienced a whopping price rise over the last 90 days, making an incredible increase of over 73%.
Market shift to ENA
Hayes’s accumulation reflects an investment shift fueled by the current performance of Ethena, which shows unique potential. ENA has managed to attract user interest because of its massive rise in trading volume and quick adoption on major digital asset exchanges. The token’s listing on leading trading platforms shortly following its launch in 2023 propelled its price and made it more visible in the market.
Ethena has witnessed a price rise of 46.40% in the past seven days. This corresponds with the ongoing bull run in the virtual currency market, especially after Bitcoin surpassed its previous all-time high of $76,000.
Bitcoin, currently trading at $96,548.65 majorly boosted by Donald Trump’s election, has significantly bolstered the broader market sentiment, creating confidence in other crypto assets like ENA. Ethena has become one of the leading performing altcoins, reflecting rising confidence in the Ethereum-based token.
What is the next move for Aethir?
In August, Arthur Hayes and other crypto whales accumulated Aethir tokens amid the quest for fortune-making and rising demand for GPUs. During that time, Hayes’ holding of 41.011 million ATH tokens (valued at $2.84 million) made him the third largest holder.
Aethir is currently witnessing increased user interest as it is a major player in decentralized cloud infrastructure for artificial intelligence and gaming. Its potential to build scalable, decentralized solutions makes it emerging as a leader in the DePin landscape.
Its integration across exchanges propelled its demand, boosted its platform appeal, and increased demand for advanced blockchain solutions. The platform has positioned itself as a GPU marketplace, grabbing the opportunity created by the AI industry for the increased need for computing power. The current price of ATH is $0.06501, up 9.70% in the last seven days.
