BitMEX co-founder Arthur Hayes is making a big bet on Ethena, scooping up $1.505 million worth of tokens as the ENA price dips. Hayes’ purchase comes via multiple transactions across major platforms, signaling potential upside in the token. This move comes on the heels of Ethena’s listing on the largest Korean exchange, Upbit. Can Hayes’ move spark a rebound in ENA’s price?
Arthur Hayes Accumulates Ethena
According to a recent revelation by on-chain analyst @EmberCN, Arthur Hayes, the former CEO of BitMEX, has accumulated $1.505 million in ENA tokens over the past day. In an X post, the analyst revealed that a wallet address, apparently connected to the BitMEX co-founder, has purchased about 4.2 million ENA tokens via multiple transactions.
Recently, Arthur Hayes expressed his optimism about a ‘monster altseason,’ with Ethereum leading the rally. Hayes’ latest ENA purchase further solidifies his bullish stance on the potential altcoin bull run.
Interestingly, the transactions took place over the last 24 hours, with Hayes using different platforms to acquire the tokens. The breakdown of the transactions reveals that Hayes transferred 755,000 USDC to Binance, which was then withdrawn as 2.1 million ENA tokens.
Additionally, he transferred 248,000 USDC to Wintermute, receiving 700,000 ENA tokens in return. Hayes also sent 502,000 USDC to Galaxy Digital, which resulted in the withdrawal of 1.4 million ENA tokens. These transactions cumulatively amount to a substantial investment in the Ethena token.
Upbit Lists ENA
It is noteworthy that Arthur Hayes’ Ethena purchase comes on the heels of Upbit listing the token. In an X post yesterday, Hayes wrote, “ENA listed on largest Korean exchange. It’s time for liftoff!”
$ENA listed on largest Korean exchange. It’s time for liftoff!
Yachtzee 😍😍😍😍😍😍😍😍 pic.twitter.com/6V4FeUiYmq
— Arthur Hayes (@CryptoHayes) July 11, 2025
With a dominant 81% market share and little competition, Ethena is poised for significant growth in the synthetic dollar sector. According to Conor Ryder, Head of Research, the platform has the potential to generate over a billion dollars in revenue. Immediately after Upbit announced the listing of ENA on its KRW, BTC, and USDT markets, the ENA price surged by 20%.
ENA Price Dips: Will It Rebound?
Significantly, Arthur Hayes bought the tokens when the ENA price dipped to a low of $0.22. Now, the token has surged to reach $0.33, after hitting a daily high of $0.37.
As of press time, Ethena is trading at $0.3371, down by 7.4%. However, over the past week, ENA has seen a notable growth of 32%. The 24-hour trading volume has declined by a massive 54%, reaching $518 million.
According to CoinGape’s Ethena price prediction, the ENA price has a maximum upper limit of $0.4526016. However, market experts believe that the token is poised to surge past a high of $1.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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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