ENA price jumps 21% as Arthur Hayes transfers ATH holdings to Ethena

BitMex co-founder and American entrepreneur has been on Ethena (ENA) accumulation spree in the past 48 hours.

Lookonchain reveals that he shifted all his Aethir (ATH) assets to ENA amidst portfolio reshuffling. 

Lookonchain

@lookonchain

·Follow

Arthur Hayes(@CryptoHayes) has shifted his $ATH holdings to $ENA! In the past 2 days, Arthur Hayes has accumulated a total of 16.79M $ENA($11.21M). intel.arkm.com/explorer/entit…

4:39 AM · Nov 28, 2024

67

Reply

Copy link

Read 16 replies

The move comes after ATH’s performance went against his expectations, translating to massive losses holdings.

Hayes on ENA shopping spree

The billionaire has made significant Ethena withdrawals from the Binance exchange in the past two days.

While the move underscores his strategic investment approach, it confirms his heightened attention to the synthetic dollar platform.

On-chain stats show Hayes’ accumulation began on 26 November when he offloaded ATH at a loss and invested in ENA.

The investor spent 874.9 ETH, worth approximately $2.8 million, to acquire 4.916 million ENA through Wintermute.

The transaction saw Ethena become his second-largest holding – after Ethereum.

Hayes extended his buying spree today, withdrawing 10.36 million ENA, valued at around $7.49 million, from Binance.

That brought his two-day accumulation to 16.79 million ENA – purchased at $0.666 average price.

The investors already netted $1.14 million (+10.2%) in profits, signaling his strategic dip-buying approach.

Arthur Hayes liquidated his ATH holdings on 26 November after the altcoin’s underperformance saw him incurring $815K in losses.

Nonetheless, the BitMex co-founder capitalized on ENA’s opportunity to recover the losses within two days.

Meanwhile, the American entrepreneur has grabbed the attention of crypto investors on various occasions.

For instance, he ventured into meme tokens as themed coins outshined the past few months.

ENA and ATH price actions

The altcoins gained following Arthur Hayes’ asset reshuffle, though Ethena outperformed Aethir on the daily timeframe.

ENA jumped from the daily low of $0.6265 to the $0.7595 peak – a 21.22% increase within a day.

The altcoin trades at $0.7215 at press time, up 13% on its 24-hour chart.

Also, Aethir soared 14% from $0.5890 to the $0.6706 daily highs before retracing to $0.0656 at press time.

The current price places ATH 11% higher than the day’s opening price.

While enthusiasts watch whether Hayes’ asset reshuffle means impending declines for Aethir, ENA eyed more gains.

ENA ready for more gains

Coinglass data shows Ethena’s Open Interest jumped 23% to $375 million, whereas liquidations surged to $1.29 million – $335K longs and $956 shorts.

Further, ENA’s total value locked has soared to $4.09 billion, according to DeFiLlama.

The Ethena ecosystem is witnessing massive interest, thanks to its USDe synthetic dollar.

The healthy blockchain bodes well with ENA’s anticipated price gains.

Claiming the massive support zone at $0.75 could welcome massive surges for the altcoin.

That would open Ethena’s path to $1.01 before continuing to its $1.5 all-time high.