BitMEX co-founder Arthur Hayes is making headlines again—this time for quietly accumulating over $1.5 million worth of Ethena (ENA) tokens as prices edge lower.
On-chain data reveals Hayes has acquired approximately 4.2 million ENA yesterday through a series of strategic buys.
According to on-chain analyst EmberCN, Hayes executed the purchases via major platforms, including Binance, Galaxy Digital, and Wintermute. He reportedly swapped 755,000 USDC for 2.1 million ENA via Binance, followed by 502,000 USDC to Galaxy in exchange for 1.4 million tokens, and 248,000 USDC to Wintermute for 700,000 ENA.
The timing of the move is notable, coming just days after ENA’s debut on South Korea’s largest exchange, Upbit—a listing that many believe could boost liquidity and visibility in Asian markets. Despite the listing, ENA has struggled to hold price momentum, making Hayes’ accumulation appear contrarian, or perhaps opportunistic.
Hayes has been vocal about expecting a major altcoin breakout in the coming months, positioning Ethereum and high-potential altcoins at the center of the next crypto cycle. His bold entry into ENA adds weight to that outlook—and may influence other traders watching for signs of institutional confidence during the current consolidation phase.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitmex-founder-makes-bold-bet-on-ethena/