Ethena Price Shoots 22% Amid Heavy ENA Accumulation by Arthur Hayes

Bitmex co-founder Arthur Hayes is on an ENA accumulation spree driving more than 22% Ethena price gains in the last 24 hours. This comes as Hayes is reportedly moving all of his Aethir (ATH) holdings to Ethena (ENA) as part of portfolio reshuffling, after making heavy losses in ATH.

Ethena Price Skyrockets on Arthur Hayes Buying Spree

As of press time, ENA price is trading 22.50% up at $0.7502 with its market cap soaring all the way to $2.13 billion. In the last two days, Hayes made notable withdrawals of ENA from crypto exchange Binance, showing his intensified interest in the synthetic dollar protocol.

According to blockchain tracking platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.

The average purchase price of ENA by the BitMEX co-founder currently stands at $0.66. Thus, Ethena price appreciation thereafter has resulted in an unrealized profit of $1.14 million, or over 14% appreciation already.

On November 26, Arthur Hayes liquidated all of his Aethir (ATH) holdings after months of holding and making an estimated loss of $815,000. However, quickly spotting a good opportunity in ENA, Hayes has already recovered these losses in two days with some additional unbooked profit.

The BitMEX co-founder has been shilling Solana-based meme coins off lately with his latest bet being FlowerAI (FLOWER). He also made strong profits from his early bet on Goatseus Maximus in October last month.

ENA Bullish Momentum and Other Milestones

As per the Coinglass data, the ENA open interest has shot up by 23% to $374 million while the total ENA liquidations have shot up to $1.29 million, of which $335,000 are in long liquidations and $956,000 are in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain has also surged to $4.09 billion.

The Ethena blockchain is gaining strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from traditional stablecoins by offering a native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto margin collateral.

Moreover, Ethena Labs celebrated an important milestone of reaching a 4 billion supply for USDe while generating an annual percentage yield (APY) of a staggering 25% for its users. Back in September, the platform also unveiled its UStb stablecoin collateralized by financial giant BlackRock and Securitize.

All eyes are on the ENA bulls as they need to hold Ethena price above the strong support of $0.75. If they manage to pull this off, ENA could be heading for another 33% gains to $1. Some investors are also speculating that ENA will hit its all-time high of $1.5.