Arthur Hayes, the co-founder of BitMEX and one of the most influential voices in the crypto market, has doubled down on his support for Ethena (ENA). According to on-chain data from Onchain Lens, Hayes recently acquired 578,956 ENA tokens on Binance, spending nearly $467,700.
This purchase boosts his total ENA stash to around 5.02 million tokens, valued at approximately $3.91 million. Despite ENA’s recent struggles, Hayes’ accumulation has sparked speculation that a price rebound could be on the horizon.
Hayes’ Confidence Despite Market Weakness
Hayes’ move comes at a time when ENA has been under pressure, trading well below its all-time high of $1.52. The token is currently priced at $0.7797, which marks a 9% rise over the past week but still reflects a steep drop from peak levels.
Weekly trading volumes have also slowed, slipping by more than 50%, yet Hayes appears undeterred. Analysts suggest his strategy mirrors his broader investment philosophy—buying when sentiment is low and positioning for long-term gains.
His presence as a major holder could also influence other investors, who often view his moves as a barometer for market confidence.
Technical Picture: ENA at a Crossroads
From a technical perspective, ENA is showing mixed signals. On the three-hour chart, the token appears to be forming a rising wedge, a pattern often linked to bearish outcomes. If support between $0.76 and $0.77 fails, the next downside levels could be $0.72 or even $0.68.
Indicators provide a split outlook:
- Bollinger Bands suggest resistance near $0.83–$0.84. Breaking above this could open the path toward $0.90–$1.00.
- The Relative Strength Index (RSI) is hovering at 48.9, showing neutral momentum.
- The MACD has turned bearish with a crossover, hinting at short-term weakness.
- The Chaikin Money Flow (CMF) sits at -0.15, signaling potential capital outflows.
Market watchers caution that while technicals lean bearish, any major catalyst could easily shift sentiment.
Binance Listing of USDe Could Be a Game-Changer
A key development fueling optimism around Ethena is the launch of its synthetic stablecoin, USDe, which began trading on Binance on September 9. The token is paired with both USDT and USDC, broadening accessibility and strengthening Ethena’s ecosystem.
One of the protocol’s most anticipated features is its fee switch mechanism, where protocol revenue is redirected into ENA token buybacks. Hayes himself has argued that this could inject as much as $500 million into the market, setting the stage for a potential supply squeeze.
This dynamic, coupled with Hayes’ continued accumulation, has positioned ENA as a token to watch over the coming months.
Outlook: Can ENA Defy the Odds?
Although short-term signals remain uncertain, the combination of whale activity, protocol upgrades, and strategic listings could provide the momentum ENA needs for recovery. With Hayes backing the project and USDe gaining traction, the market may be setting the stage for a possible breakout.
Whether ENA can sustain a rally will depend on broader crypto market conditions, liquidity inflows, and the success of its synthetic stablecoin ecosystem. For now, Hayes’s conviction is a strong reminder that in crypto, sentiment can shift rapidly when the right catalysts align.
