Arthur Hayes Deposits $2 Million in ENA Tokens to Bybit Exchange
Former BitMEX CEO Arthur Hayes has shifted part of his Ethena token holdings (#ENA) to a centralized exchange, prompting discussions within the crypto community regarding potential market impacts versus routine portfolio management.
On Monday, blockchain tracking platform Lookonchain reported that Hayes deposited 2 million ENA tokens, valued at $2.08 million, into the Bybit exchange. He retains 7.96 million ENA tokens valued at $9.08 million.
This deposit follows a previous transfer on December 21, when Hayes moved 7 million ENA (valued at $8.47 million) to Binance after unstaking 9 million tokens. At that time, ENA was trading around $1.18, recovering from a dip to $0.85 just a day earlier. Hayes had publicly endorsed the Ethena project shortly before this transfer.
Currently, ENA trades around $1.05, reflecting a 1.4% increase over the past 24 hours. The rationale behind Hayes' recent transactions remains unclear, leading some investors to speculate he may be preparing to sell a portion of his holdings, a sentiment echoed in social media reactions.
In contrast to Hayes’ actions, another whale has withdrawn 9 million ENA from Binance and staked it back into Ethena, according to Onchain Lens. This whale has staked a total of 15.69 million ENA, currently worth $16.94 million, on Ethena.
ENA Price Trajectory
Despite speculation surrounding Hayes, Ethena's performance during the ongoing crypto bull run has been notable. The DeFi protocol’s total value locked (TVL) increased from under $10 million last year to $6 billion.
The token has surged 51% over the past year, with 60% of those gains occurring in the past month. This momentum aligns with Ethena Labs’ recent launch of the USDtb stablecoin, which achieved $65 million in TVL on its first day.
ENA ranks as the 42nd largest cryptocurrency by market capitalization, totaling $3.06 billion. Approximately $13.68 million worth of ENA tokens will unlock in two days, potentially leading to a price drop.
A 17% decrease in the token’s value over the past week raises concerns for some investors; however, analysts remain optimistic, viewing prices below $1 as attractive. Technical analysis indicates the token has formed a double-bottom pattern during recent corrections, suggesting a price target of $1.60.