BitMEX co-founder Arthur Hayes buys $1.5M in Ethena tokens as ENA dips to $0.22, signaling strong confidence amid the price drop.
Arthur Hayes, co-founder of BitMEX, is placing a large wager on Ethena by acquiring $1.505 million worth of tokens while the price of ENA declines.
Hayes’ acquisition was made through several transactions on well-known platforms, suggesting that the token may rise in value.
This action follows Ethena’s listing on Upbit, the biggest Korean exchange. Will Hayes’s action cause the price of ENA to rise again?
Arthur Hayes Accumulates Ethena
On-chain analyst @EmberCN recently disclosed that BitMEX’s previous CEO, Arthur Hayes, has amassed $1.505 million in ENA tokens in the last day.
A wallet account that appears to be associated with the BitMEX co-founder has bought over 4.2 million ENA tokens through several transactions, according to an X post by the analyst.
Ethereum is driving the surge, according to Arthur Hayes, who recently voiced his excitement about a “monster altseason.”
Hayes’s recent acquisition of ENA strengthens his optimism on the possible cryptocurrency boom.
Hayes used various sites to obtain the tokens, and the transactions occurred within the last day.
According to the transaction breakdown, Hayes sent 755,000 USDC to Binance, which was taken out as 2.1 million ENA tokens.
In addition, he sent Wintermute 248,000 USDC in exchange for 700,000 ENA tokens.
Additionally, Hayes transferred 502,000 USDC to Galaxy Digital, causing 1.4 million ENA tokens to be withdrawn.
When all together, these transactions represent a sizeable Ethena token investment.
Upbit Lists ENA
The fact that Arthur Hayes bought Ethena right after Upbit listed the token is significant.
Hayes wrote, “ENA listed on largest Korean exchange,” in an X post yesterday.
It’s time to take off!
Ethena is well-positioned for substantial development in the synthetic dollar industry thanks to its commanding 81% market dominance and lack of competition.
The platform could make more than $1 billion in income, according to Conor Ryder, Head of Research.
The price of ENA increased by 20% as soon as Upbit declared that it would list the cryptocurrency on its KRW, BTC, and USDT markets.
Will Price Of ENA Rise Again?
Notably, Arthur Hayes purchased the tokens at a low of $0.22 in the ENA price.
After reaching a daily high of $0.37, the token has risen to $0.33.
Ethena is down 7.4% at $0.3371 as of this writing. However, ENA has grown by 32% in the last week.
At $518 million, the 24-hour trade volume had dropped 54%.
CoinGape’s Ethena price forecast indicates that the ENA price can go as high as $0.4526016.
However, market analysts say the token is about to soar above a $1 peak.
