Among the many rebounding altcoins, ENA not only surged over 42% in price in just a week, but Arthur Hayes also chose to aggressively increase his position when the price fell.
ENA surged 42% in a single week
As Bitcoin ($BTC) approaches $100,000 and enters a short-term consolidation, the recent hot topic in the cryptocurrency market is the non-altcoin market.
According to CoinGecko data, the king of altcoins Ethereum ($ETH) has risen 14% in the past 7 days, with a nearly 8% increase in a single day. The strong rebound of the 'second brother' seems to signal an overall counterattack in the altcoin market.
Image source: CoinGecko $ETH price chart
Among the many rebounding altcoins, ENA not only surged over 42% in price in just a week, causing a market sensation, but BitMex co-founder Arthur Hayes also chose to aggressively increase his position when the price fell.
BitMex founder aggressively increases position
Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, is known for his keen market observations and frequent commentary on macroeconomics and the cryptocurrency market. His views are often regarded as a barometer or 'contrarian indicator,' and his operations and comments frequently become the focus of market discussions.
The cryptocurrency that caught Arthur Hayes's attention is Ethena ($ENA). Data shows he currently holds about 4,916,000 ENA, worth about $2.8 million.
When the price of Ethena ($ENA) recently saw a 15% price pullback, Arthur Hayes made a token swap with the well-known liquidity provider Wintermute Trading using 874.9 $ETH (worth about $2.8 million) to buy actively at the low.
Currently, Hayes's cryptocurrency investment portfolio is worth about $33.167 million, with more than 50% of the assets related to Ethereum ($ETH), while the allocation of ENA is steadily increasing.
ENA price skyrockets
Although he has only correctly predicted the market 2 out of the 8 times in the past year, with an accuracy rate of only 25%, this time the operation of increasing position in ENA seems completely correct.
According to the latest market data, after Arthur Hayes's aggressive position increase, the price of ENA skyrocketed by 20.89% in the past 24 hours, reaching $0.7483 at the time of writing, with a total value of $2.13 billion, far outperforming mainstream cryptocurrencies in the market.
Image source: CoinGecko ENA price chart
Technical indicators show that ENA's trading volume has significantly increased recently, and the golden cross of the moving average also indicates a bullish signal. ENA has a solid support level at $0.58, and if the price can successfully break through the resistance level of $0.8, it is expected to open the next round of significant increases.
It should be noted that for ordinary investors, following the operations of large holders requires cautious consideration. Although from a technical indicator and market sentiment perspective, ENA still has some upward space in the short term, the risk of chasing high prices should not be overlooked.
Investors looking to enter should pay attention to the short-term support level at $0.7 and the resistance level at $0.8, waiting for the price to pull back to a more attractive range, or waiting for a breakthrough of key resistance before making a decision to reduce potential risks.
