Why Arthur Hayes Is Doubling Down on ENA $1M Surge

11 Sep, 2025

By Jane Lubale

Senior Author

Expertise : Crypto, Blockchain, Web3, Artificial Intelligence (AI)

Jane Lubale is a crypto journalist and content writer at CoinGape, with a strong focus on blockchain, cryptocurrency, FinTech, and Web3 narratives. Jane holds a Master’s in Business Administration, and a degree in Marketing, and blends this background with her passion for market research and digital marketing to deliver engaging price analysis, thought leadership, and educational content. Her work has also been published in leading crypto media such as Insidebitcoin, where she has contributed to the growing conversation around decentralized technologies. With 5+ years of experience in Decentralized Finance (DeFi), Jane's writing is driven by a mission to educate and empower readers with insights that cut through hype and deliver true value. She achieves this in the form of trading strategies, regulatory updates, or blockchain adoption trends. Away from the keyboard, Jane is a proud mother of three boys and is often found mentoring young people on career paths, personal development, and life choices, as well supporting needy teens complete school. She holds modest investments in cryptocurrency, reflecting her belief in the future of digital finance.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Arthur Hayes Timing: Hyperliquid’s USDH Vote

Currently, Arthur Hayes holds over 5 million ENA in his wallet, with a value of $3.91 million. The timing points to a very important event. On September 14, Hyperliquid will hold a vote to decide who gets the USDH stablecoin ticker. The prize is one of the most fiercely contested in DeFi. Athena receives backing from industry giants like BlackRock to compete against Paxos and Native Markets, among others.

: Arthur Hayes holds over 5 million ENA in his wallet (Source: Arkham)

In case the winning vote lands on Ethena, it could funnel 95% of USDH revenue to Hyperliquid and cover migration costs. Both platforms would win big.

Ethena’s Growing Role

Athena has grown to become one of the strongest DeFi protocols, having been founded in 2023. Its USDe stablecoin has attracted a Total Value Locked (TVL) of over $13 billion. The platform records a lifetime revenue of about $480 million, generating about $54 million in August alone. The recent Binance listing of USDe is expected to trigger Ethen’s “fee switch”. Hayes has suggested that this mechanism could lead to as much as $500 million in buybacks. This could result in a higher value for ENA, even nearing $1.50.

How is Ethena (ENA) Performing Today?

Ena token has dropped in value by around 7% over the past day, although it experienced weekly gains of 9%, to trade at $0.75 today. The price is down 50% from its all-time high it achieved in 2024. However, the Ethena project could benefit from the 50bps rate cut the Federal Reserve is eyeing, should DeFi experience a new capital flood.

Final Thoughts: What Does Arthur Hayes’ Move Mean for Traders

While Hayes’ moves don’t guarantee price action, they often set the stage in crypto circles. Many traders view him as a thought leader whose investments highlight upcoming trends. ENA has already been volatile, but his buy could add momentum as retail investors and other whales take note.

He may not just be doubling on ENA but positioning himself with size. Adding $1 million more to his portfolio could signal confidence in both the token, and the wider role Ethena may play in the DeFi. Whether this development translates to a rally ahead or just a short-term hype, the market will be paying attention.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Frequently Asked Questions (FAQs)

1. Who is Arthur Hayes?

He’s the co-founder of BitMEX and a well-known figure in the crypto market, often watched for his investment moves.

2. What is ENA?

ENA is the native token of Ethena, a DeFi protocol known for its synthetic dollar, USDe.

3. Why is Hyperliquid’s USDH vote important?

The winner of the USDH ticker could secure major revenue streams and influence across the DeFi ecosystem

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.