In a mere two days, Arthur Hayes acquired 16.79 million ENA coins, which resulted in a $1.14 million profit and a significant increase in the Ethena price.
In the past 24 hours, Ethena price has increased by over 22% due to Arthur Hayes, the co-founder of Bitmex, engaging in an ENA accumulation frenzy. Hayes is purportedly relocating all of his Aethir (ATH) holdings to Ethena (ENA) as part of a portfolio reshuffling following substantial losses in ATH.
Arthur Hayes’ buying spree resulted in increase in Ethena’s price.
At the time of publication, the price of ENA is $0.7502, representing a 22.50% increase, and its market capitalization has reached $2.13 billion. Hayes’s increased interest in the synthetic dollar protocol was demonstrated by his significant withdrawals of ENA from the crypto exchange Binance over the past two days.
According to blockchain monitoring platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. With this, over the past two days, his accumulation has reached an astonishing 16.79 million.
The BitMEX co-founder’s average purchase price of ENA is currently $0.66. Consequently, the subsequent appreciation of the Ethena Price has resulted in an unrealized profit of $1.14 million, already over 14%.
Arthur Hayes liquidated all of his Aethir (ATH) holdings on November 26 after months of holding them and incurring an estimated loss of $815,000. Nevertheless, Hayes has recouped these losses in two days and some unbooked profit after swiftly identifying a promising opportunity in ENA.
The co-founder of BitMEX has recently been selling meme coins based in Solana, with his most recent investment being FlowerAI (FLOWER). Additionally, he generated substantial profits from his initial wager on Goatseus Maximus in October of the previous month.
Other Milestones and the Bullish Momentum of ENA
The ENA open interest has increased by 23% to $374 million, as the Coinglass data indicates. The total ENA liquidations have also increased to $1.29 million, with $335,000 long and $956,000 short liquidations. Additionally, the total value secured (TVL) on the Ethena blockchain has increased to $4.09 billion.
The synthetic currency USDe is the primary driver of the Ethena blockchain’s significant growth. It is secured by Ethereum (ETH) and Bitcoin (BTC) collateral. Furthermore, the USDe distinguishes itself from conventional stablecoins by providing a native yield. USDe was recently incorporated into the popular derivatives platform Deribit as crypto margin collateral.
Additionally, Ethena Labs has achieved a significant milestone by attaining a 4 billion USD supply and providing its users with an annual percentage yield (APY) of an astonishing 25%. In September, the platform also introduced its UStb stablecoin, collateralized by financial giants BlackRock and Securitize.
The ENA bulls are the focus of attention, maintaining the Ethena price above the robust support of $0.75. If they can accomplish this, ENA could experience an additional 33% increase in value to $1. Additionally, confident investors predict that ENA will surpass its all-time peak of $1.5.
