The price of Ethena (ENA) has soared more than 22% in the last 24 hours after Arthur Hayes, the co-founder of BitMEX crypto exchange, reportedly increased his position in the cryptocurrency significantly.
The token has seen its value increase by 14% today, reaching $0.6435 and outperforming many market peers. ENA’s market capitalization currently stands at $1.82 billion, reflecting a 10.68% increase over the last 24 hours.
BitMEX Co-Founder Artur Hayes’ Crypto Portfolio Led By ENA Token
Hayes’ latest crypto portfolio revealed a balance of $33.16 million, largely comprising Ethereum (ETH) and Ethena (ENA). He holds 5,082 ETH worth $16.9 million, 3,037 staked Ethereum (EETH) valued at $10.06 million, and 5.05 million ENA currently valued at $2.89 million.
Recent transactions in his portfolio point to a strategic shift. Hayes received 4.91 million ENA worth $2.8 million from Wintermute, before sending 874.9 ETH, equivalent to the same dollar value as ENA back to the trading platform. Over the past two days, he made notable withdrawals in ENA from Binance, showing his increased interest in the cryptocurrency powering the synthetic dollar protocol.
He even swapped all his holdings in Aethir (ATH) tokens to ENA after suffering heavy losses, indicating a massive strategic shift. According to data by blockchain analytics firm Spot on Chain, Hayes recently withdrew an additional 10.36 million ENA ($7.49 million). This brings his two-day accumulation spree of the tokens to a staggering 16.79 million ENA, worth $11.8 million.
The average purchase price of the ENA by the Bitmex exchange co-founder stands at $0.66 per token. Ethena’s massive price appreciation thereafter has resulted in him gaining an unrealized profit of $1.14 million, increasing the value of his ENA holdings by 14%.
On November 26, Hayes liquidated all of his ATH holdings after holding them for months only to make an estimated loss of $815,000. However, he quickly spotted a good opportunity in ENA and has already made up for the losses in two days with some additional unbooked profit.
Lately, the prominent trader has been shilling Solana-based meme coins, with his latest bet being Flower AI (FLOWER). In October, Hayes made strong profits from his early investment in the sensational meme coin Goatseus Maximus (GOAT).
However, Hayes’ increased ENA allocation coincided with the token’s recent 15% price drop. Despite the dip, his investment is reflective of confidence in the protocol’s future performance. Describing his strategy of accumulating the token during their decline, Hayes said he is “catching the bottom” in anticipation of a rebound.
As per data sourced by Coinglass, the open interest (OI) in ENA has soared by 23% to $374 million while the total ENA liquidation has shot up by $1.29 million. From this, $335,000 is in long liquidations and $956,000 is in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain currently stands at $4.09 billion.
The protocol is gaining significant market traction through its synthetic dollar-pegged stablecoin, USDe, which is backed by collateral in Bitcoin (BTC) and Ethereum (ETH). USDe stands out from other stablecoins because it offers a native yield. The token was recently integrated into the crypto derivatives trading platform Deribit as a crypto margin collateral.
Meanwhile, the project’s developer, Ethena Labs, celebrated reaching an important USD supply milestone of 4 billion while generating an annual percentage yield (APY) of 25% for its users and investors. In September, the company unveiled its UStb stablecoin, collateralized by $9 trillion asset manager BlackRock.
Ethena (ENA) Technical Indicators
The current trading volume and other technical indicators suggest an imminent price recovery for ENA. Its $0.58 support level could provide a strong base for upward momentum, while breaking past the $0.70 resistance may lead to further gains for the token.
The market is counting on Ethena bulls to hold its price above the strong support level of $0.75 and if they manage to pull this off, then the token’s price could surge by another 33% to hit the coveted $1 mark. Some speculators are predicting ENA will surpass its all-time high of $1.5.
While Hayes remains heavily invested in ETH, his growing interest in ENA is noteworthy, with trading metrics showing robust liquidity and a high market cap ratio of 25.27%. Hayes’ multi-million dollar investment could capitalize on the token’s upward trajectory.
At the time of writing, Ethena (ENA) is trading at $0.7111 – up 10.6% in the last hours.
