ENA Price Surges Despite Arthur Hayes’ $8 Million Sale
Ethena (ENA) didn’t let the significant sell-off by Arthur Hayes deter its uptrend.
Hayes, after publicly supporting Ethena Labs, unstaked 9 million ENA and sent 7 million ENA ($8.44 million) to Binance today.
He previously withdrew 16.79 million ENA from Binance in late November at $0.666 for an estimated $8.71 million profit (+78%).
Hayes currently holds 9.96 million ENA valued at $11.7 million, with 7.94 million tokens staked.
Ethena (ENA) Continues to Outperform the Market Despite Arthur Hayes Sale
Ethena (ENA) continued its upward momentum despite significant selling activity by prominent crypto investor Arthur Hayes.
According to SpotOnChain, Hayes unstaked 9 million ENA tokens and deposited 7 million ENA (worth $8.44 million) to Binance earlier today, even after publicly expressing support for Ethena Labs.
This follows his earlier withdrawal of 16.79 million ENA from Binance between November 26 and 28 at an average price of $0.666, totaling $11.19 million.
Currently, Arthur Hayes holds 9.96 million ENA, valued at $11.7 million, with 7.94 million tokens staked.
His strategic trades have earned him an estimated profit of $8.71 million, representing a 78% return. Despite these developments, ENA’s price has shown resilience, continuing to rise in the face of selling pressure.
Ethena has been doing great in the last 24 hours, up 8.47%, while major cryptocurrencies such as Bitcoin and Ethereum continue to struggle after a sharp market downturn earlier this week.
Even though it had a strong rebound today, ENA previously experienced a massive 34.62% fall from $1.30 on December 16 to $0.85 by December 20. The token has recovered excellently and is now trading at $1.08. Having a market capitalization of about $3.17 billion, ENA is now the 43rd largest cryptocurrency, showing strength in a highly volatile market.
