Arthur Hayes, the co-founder of BitMEX, has made a bold move in the crypto market by investing $11.21 million in Ethena (ENA) tokens. Over the past two days, Hayes acquired 16.79 million ENA tokens, signaling his confidence in the project’s potential. The move has drawn significant attention, especially as ENA’s price has surged by 36% in recent days, with a notable 30% spike in the last 24 hours alone.
ENA’s Remarkable Price Surge
Ethena has seen dramatic price action recently. The token reached a peak of $0.7588 before slightly retreating, but it still trades at $0.7213 as of publication, reflecting a daily gain of 14.13%. This impressive performance has made ENA token a focal point for investors.
Blockchain analytics platform Lookonchain revealed that Hayes shifted his investments from Aethir (ATH) to Ethena, accumulating tokens worth $11.21 million. While Hayes has not disclosed his motivations publicly, analysts speculate that he sees significant growth opportunities in the ENA ecosystem. Ethena’s total value locked (TVL) has climbed to $4.09 billion, further reinforcing the token’s potential.
Hayes’ Diversified Portfolio
Arthur Hayes is not solely focused on ENA. His portfolio includes Ethereum (ETH), PENDLE, FLOWER, EETH, and SUSDE, demonstrating a broad interest in the crypto market. Despite this diversification, Ethena has recently emerged as a standout performer, with open interest rising 23% to $374 million, according to Coinglass data.
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Market Dynamics: ENA’s Promising Metrics
ENA’s Relative Strength Index (RSI) has risen toward 60, indicating increasing buying momentum while minimizing the risk of overbought conditions. Liquidations reached $1.29 million in the last 24 hours, including $335,000 in long positions and $956,000 in short positions. This volatility reflects growing activity and interest in the Ethena blockchain, which is quickly gaining traction.
The Bigger Picture
Arthur Hayes’ endorsement of ENA marks a turning point for the token. His significant investment, coupled with ENA’s strong performance metrics, has piqued the interest of the broader crypto community. As Ethena continues to expand its ecosystem and attract attention from major players, it’s clear that ENA is poised for further growth.
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