Arthur Hayes, the co-founder and former CEO of BitMEX, has made a notable impact on the cryptocurrency landscape by investing in the altcoin Ethena (ENA). Recent on-chain analysis indicates that after selling his Aethir (ATH) assets at a loss, Hayes strategically pivoted to ENA. His swift transactions over a two-day period led to a remarkable 22.5% increase in ENA’s value, raising its market cap to $2.13 billion.
How Did Hayes Recover from Losses?
Despite liquidating his Aethir holdings at an approximate loss of $815,000 at the end of November, Hayes swiftly turned his fortunes around with his ENA investment, which netted him a profit of $1.14 million as the altcoin surged in value. Data from Spot On Chain reveals that he withdrew 16.79 million ENA coins from Binance, purchasing them at an average price of $0.66.
What Are the Market Trends for ENA?
Market enthusiasm for ENA remains high, reflected by a 23% increase in open interest, bringing it to $374 million. Liquidations are also notable, with short positions amounting to $956,000 and long positions at $335,000. The total value locked in the Ethena network has risen to $4.09 billion, indicating a healthy market environment.
Key insights from this situation include:
- Hayes’s transition from Aethir to Ethena significantly boosted ENA’s price.
- Current support for ENA sits at $0.75, crucial for future growth.
- Traders anticipate a potential rise of 33%, aiming for a price of $1.
- ENA could reach its all-time high of $1.50 if positive trends continue.
With Ethena Labs expanding its offerings, including an increased supply of USDe to $4 billion, the prospects for ENA appear promising, potentially leading to new record prices in the near future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
