Arthur Hayes Invests $1 Million in ENA Tokens Amid Price Surge
Arthur Hayes, co-founder of BitMEX, has purchased an additional $1 million in ENA tokens, bringing his total holdings to approximately $3.73 million. This acquisition comes amid a 15% price surge for ENA in the last 24 hours and a trading volume exceeding $1 billion, up 30%.
Transaction Details
- Hayes acquired 2.16 million ENA tokens through Binance, Galaxy Digital, and Flowdesk over seven hours.
- His average purchase price for ENA is $0.386; current trading price is around $0.493, indicating unrealized profits.
- Since mid-July, he has invested over $12.5 million in various cryptocurrencies including ETH and PEPE.
Market Dynamics
- USDe, Ethena's flagship product, attracted $2 billion in a week, driven by a 10% APY on the synthetic dollar stablecoin.
- This yield has prompted investors to engage in DeFi activities, boosting demand for ENA.
- A significant wallet became the fourth-largest ENA holder, withdrawing 1.23 billion ENA ($567 million) from Coinbase Prime, contributing to bullish sentiment.
Price Analysis
- ENA exhibits a bull flag formation on the 1-hour chart with potential for a 42% upward move toward $0.70–$0.72 if the breakout is confirmed.
- Current RSI is at 54.77, indicating neutrality but room for growth.
- The MACD shows a bullish crossover, while the Chaikin Money Flow remains positive at 0.05, signaling steady inflows.
- The Accumulation/Distribution line is rising, suggesting strong accumulation activity among large holders.