Ethena surges 20% after Arthur Hayes scoops up 2M ENA tokens – Crypto News – Crypto News
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Ethena price jumps 20% as Arthur Hayes buys the dip, grabs over 2M ENA tokens Ethena price jumps 20% as Arthur Hayes buys the dip, grabs over 2M ENA tokens

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Ethena surges 20% after Arthur Hayes scoops up 2M ENA tokens – Crypto News

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6 months ago

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  • Arthur Hayes has invested $1.06 million in ENA.
  • The BitMEX co-founder now holds 7.76M ENA coins, worth approximately $3.73M.
  • The altcoin has gained nearly 20% in the past 24 hours.

Digital tokens traded in the red on Friday as bears dominated amid intensifying profit-booking.

Meanwhile, Ethena was among the few tokens decoupling from the downside wave.

Amid the prevailing selling pressure in the cryptocurrency market, ENA has rallied from yesterday’s intraday low of $0.4268 to $0.5088 on Friday.

That means an around 19% surge, which has attracted attention amidst prevailing downtrends.

Ethena’s rebound has coincided with a massive purchase from BitMEX co-founder Arthur Hayes.

According to Lookonchain, the American entrepreneur has scooped 2.16 million ENA tokens today, worth approximately $1.03 million.

The transactions come as the digital token plunged 25% from the Monday high of $0.5812 to yesterday’s $0.4307.

Meanwhile, the considerable buy demonstrates Hayes’s conviction in Ethena’s future potential.

Furthermore, he did not use one platform to complete the purchases.

The investor sourced his ENA from Binance, Flowdesk, and Galaxy Digital.

That depicts how he strategically uses various liquidity providers to secure his cryptocurrency investments.

Recently, Hayes made headlines for using Flowdesk to acquire AAVE and Lido tokens in an over-the-counter purchase.

Hayes’s confidence in Ethena

The timing and size of the purchase signal trust in the project’s long-term value.

Hayes capitalized on discounted prices to add to his holdings despite prevailing market volatility.

The latest accumulation sent his balance to 7.76 million ENA tokens, worth approximately $3.73 million.

Ethena allows users to access DeFi yields and a synthetic dollar, USDe.

It has gained increased traction lately, with its circulating supply topping $6 billion.

While not all market participants follow fundamentals, Hayes’s involvement is adequate to influence sentiments.

The latest purchase could magnify trust in the project and attract more investors to the Ethena ecosystem.

Retail and some institutional players use such indicators to increase their balances or re-enter the market.

That seems to be paying out as ENA witnessed increased attention, bullish sentiments, and spiked volumes hours after Hayes’s purchase.

Ethena’s Open Interest gas increased by 16% to $835.17 million, while volume soared 15% to $2.83 billion (Coinglass data). Moreover, the 1.0276 24H long/short ratio shows that most traders are bullish as they bet on price recoveries.

ENA price outlook

The native token traded in green amidst the optimistic developments.

ENA hovers at $0.4933 after correcting from intraday highs.

The rally came even as bears dominated the cryptocurrency space, with Bitcoin down 2% in the past day to press time’s $115,150.

Meanwhile, the $117,000 – $119,700 zone remains crucial for BTC’s directional trajectory.

A decisive candlestick closing outside this range will pave the way for the next significant move.

Ethena’s current outlook reflects how major players can influence sentiments and prices in the digital tokens industry.

Bullish enthusiasts will watch ENA’s performance in the upcoming sessions to see how timely Hayes’ purchase is.
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