ENA Price Surges Despite Arthur Hayes’ $8 Million Sale

Ethena (ENA) didn’t let the significant sell-off by Arthur Hayes deter its uptrend. Hayes, after publicly supporting Ethena Labs, unstaked 9 million ENA and sent 7 million ENA ($8.44 million) to Binance today.

He previously withdrew 16.79 million ENA from Binance in late November at $0.666 for an estimated $8.71 million profit (+78%). Hayes currently holds 9.96 million ENA valued at $11.7 million, with 7.94 million tokens staked.

Ethena (ENA) Continues to Outperform the Market Despite Arthur Hayes Sale

Ethena (ENA) continued its upward momentum despite significant selling activity by prominent crypto investor Arthur Hayes.

According to SpotOnChain, Hayes unstaked 9 million ENA tokens and deposited 7 million ENA (worth $8.44 million) to Binance earlier today, even after publicly expressing support for Ethena Labs. This follows his earlier withdrawal of 16.79 million ENA from Binance between November 26 and 28 at an average price of $0.666, totaling $11.19 million.

Arthur Hayes (@CryptoHayes) unstaked 9M $ENA and deposited 7M $ENA ($8.44M) to #Binance 45 minutes ago, despite showing support for @ethena_labs earlier today!

He previously withdrew 16.79M $ENA at ~$0.666 ($11.19M) from Binance between Nov 26 and 28, 2024 (tweet 👇).

He… https://t.co/XLxUd4NW1l pic.twitter.com/Ik8JBC25To

— Spot On Chain (@spotonchain) December 21, 2024

Currently, Arthur Hayes holds 9.96 million ENA, valued at $11.7 million, with 7.94 million tokens staked. His strategic trades have earned him an estimated profit of $8.71 million, representing a 78% return. Despite these developments, ENA’s price has shown resilience, continuing to rise in the face of selling pressure.

Ethena has been doing great in the last 24 hours, up 8.47%, while major cryptocurrencies such as Bitcoin and Ethereum continue to struggle after a sharp market downturn earlier this week.

Even though it had a strong rebound today, ENA previously experienced a massive 34.62% fall from $1.30 on December 16 to $0.85 by December 20. The token has recovered excellently and is now trading at $1.08. Having a market capitalization of about $3.17 billion, ENA is now the 43rd largest cryptocurrency, showing strength in a highly volatile market.

Ethena ($ENA) Poised for 85% Surge, Says Analyst

It seems Arthur Hayes didn’t listen recent prediction by crypto analyst and YouTuber Chill Trader. He shared a chart for ENA/USDT that indicated Ethena could surge by 85.34%. He highlighted a bullish Cup-and-Handle pattern, with key support at $0.94, which is currently being tested. If this level holds, the analyst predicts a price target of $2.15, supported by strong momentum from the 200-day Exponential Moving Average (EMA) at $0.63, well below current levels.

https://twitter.com/Chill_trader99/status/187000682226792866

For instance, a drop below $0.94 might push it further down to the lower support line of $0.86. Chill Trader added that volume is essential, while strong buying volume is required for a bounce off of support, and high selling volume would show a breakdown.

In addition to the bullish technical signals, recent strategic partnerships add to the case for a potential surge in Ethena’s price. The project has partnered with Donald Trump’s World Liberty Financial (WLFI) and investment giant BlackRock, signaling growing institutional interest.

Ethena’s partnership with WLFI brings the sUSDe stablecoin as collateral to its Aave-backed DeFi platform and is, therefore, getting a lot of attention in the circles of decentralized finance. On the other hand, BlackRock focuses on strategies in risk management for tough markets with returns from treasury investments.

On December 16, they introduced USDtb, a new stablecoin backed by BlackRock’s BUIDL Fund, which was developed in collaboration with tokenization platform Securitize.

The growing buzz surrounding Ethena’s partnerships and the potential influence of a Trump-backed administration has sparked increased interest in ENA, suggesting a promising outlook for the cryptocurrency in the near future.