Ethena Price Jumps 22% as Arthur Hayes Goes on ENA Buying Spree

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As a seasoned researcher with years of market analysis under my belt, I find myself intrigued by the sudden surge of Ethena (ENA) and the apparent influence of Arthur Hayes, co-founder of BitMEX, on its price action.

ENA, with a current price of $0.72, has recently drawn attention due to a significant price increase. In the last 24 hours alone, its value skyrocketed by over 22.5%, reaching a high of $0.7588 during that timeframe. This surge has sparked interest among market observers. Additionally, its 24-hour trading volume amounts to $781.35 million, while its market capitalization stands at a substantial $2.04 billion. Its volatility over the past day is 11.8%.

Currently, ENA has made some adjustments in its path. Despite this, it experienced a 14.13% growth throughout the day, with its price standing at $0.7213.

BitMEX Co-Founder Arthur Hayes Moves $11.09M into Ethena, Eyes Big Gains

Simultaneously, it’s worth noting that there seems to be a connection between the rising trend of ENA (Entity Not Available) and Arthur Hayes, co-founder of BitMEX. This well-known investor, recognized for his keen market sense, subtly reorganized his investment portfolio on November 26.

Following several months without any substantial profits from Aethir (ATH), Arthur Hayes chose to sell off his entire investment in a single day, resulting in a projected loss of approximately $815,000.

Consequently, the loss didn’t persist long since his daring decision proved successful within just two days. This was primarily due to his ENA investments allegedly yielding unrealized profits of approximately $1.14 million. As a result, he had already offset his losses and potentially stands to gain even more profits in the future.

Regarding the recent surge in ENA’s price, it’s clear that Hayes’s recent acquisition of ENA tokens has played a significant role. In just a few days, he is said to have taken out around 16.79 million ENA tokens from Binance, investing roughly $11.09 million in the process.

It’s quite logical that the rising price of ENA tokens can be attributed to the increasing investment flowing into them.

ENA’s Momentum and Future Prospects

As a researcher examining data from CoinGlass, I’ve noticed an impressive 23% jump in open interest for ENA, reaching a significant level of $374 million. Simultaneously, total liquidations for ENA reached $1.29 million, with a notable $956,000 stemming from short positions. These findings seem to suggest a growing bullish sentiment in the market.

It’s possible that additional proof exists which indicates growing investor confidence in ENA, considering the significant rise in the Ethereum blockchain’s total value locked (TVL), reaching approximately $4.09 billion.

Currently, analysts are focusing on the $0.75 resistance point. If this level is sustained, it could potentially propel the token towards $1. There’s a strong sense of anticipation that ENA may reach its previous peak of $1.50 again.

Regarding Hayes, he’s been consistently building a reputation as a shrewd risk-taker. Besides his successful venture with ENA, he’s also reaped similar benefits from meme coins based on Solana like Goatseus Maximus and FlowerAI (FLOWER).

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2024-11-28 12:08