BitMEX co-founder Arthur Hayes has made a major move in the crypto market, scooping up $1.505 million worth of Ethena (ENA) tokens as prices dipped to $0.22. The purchase comes just as ENA was listed on Upbit, South Korea’s largest exchange—could this signal a turnaround for the token?
Hayes’ Strategic ENA Accumulation
According to on-chain analyst @EmberCN, Hayes acquired 4.2 million ENA through multiple transactions:
- $755K USDC → Binance → 2.1M ENA
- $248K USDC → Wintermute → 700K ENA
- $502K USDC → Galaxy Digital → 1.4M ENA
This isn’t Hayes’ first bullish move—he recently predicted a “monster altseason” led by Ethereum. His latest ENA buy reinforces his confidence in an altcoin rally.
Why Ethena? Upbit Listing Fuels Optimism
Hayes’ purchase coincides with ENA’s listing on Upbit, which triggered a 20% price surge. The exchange dominates 81% of Korea’s crypto market, giving Ethena massive exposure.
Analysts believe Ethena—a leader in synthetic dollar protocols—could generate $1B+ in revenue. With Hayes backing it and institutional interest growing, ENA’s potential looks strong.
ENA Price Outlook: Rebound or More Volatility?
After dipping to $0.22, ENA rebounded to $0.33 (peaking at $0.37). Currently:
- Price: $0.3371 (-7.4% today, but +32% weekly)
- 24H Volume: $518M (-54%)
Price Predictions:
- Short-term: Could test $0.45 (CoinGape’s upper limit)
- Long-term: Some experts see $1+ if momentum holds
Final Takeaway
Hayes’ $1.5M bet and Upbit’s listing could be the catalysts ENA needs for a sustained rally. While short-term volatility remains, the long-term outlook appears bullish—especially if the altseason Hayes predicted materializes.
Will ENA surge past $1? Keep an eye on trading volume and broader market trends.
