Arthur Hayes Moves $2M in ENA Tokens to Bybit, Sell-off Ahead?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless instances where high-profile figures like Arthur Hayes move their assets around, sparking speculation and market fluctuations. The recent shift of Ethena tokens by Hayes to Bybit and Binance is no exception.

Arthur Hayes, former CEO of BitMEX, has moved some of his Ethena tokens (ENA) again, this time to a centralized exchange. This action has ignited conversations within the cryptocurrency community, with some pondering potential market ramifications and others viewing it as typical portfolio management. The ENA token is currently valued at approximately $1.06, and over the past 24 hours, it has demonstrated a volatility of only 0.3%. Currently, Ethena boasts a market capitalization of roughly $3.12 billion, with a 24-hour trading volume of $764.08 million.

On a Monday disclosure, the blockchain tracking platform Lookonchain unveiled that Hayes had deposited approximately 2 million ENA tokens, worth around $2.08 million, into the Bybit exchange. It’s worth noting that he continues to possess over 7.96 million ENA tokens, valued at roughly $9.08 million.

In a move similar to his action on December 21st, where he transferred 7 million ENA (valued at approximately $8.47 million) to Binance following the unstaking of 9 million tokens, this recent deposit was made. On the day of the Binance transfer, ENA was trading around $1.18, experiencing a spike after having dipped to $0.85 the day before. Notably, Hayes publicly supported the Ethena project shortly before this transaction.

At present, ENA is hovering around $1.05, marking a 1.4% increase over the last 24 hours. The specific cause behind Hayes’ latest actions isn’t yet known, but some investors have expressed concern that he might be planning to offload a part of his shares. This apprehension is mirrored in the mixed responses on social media platforms.

Simultaneously, another whale has taken steps opposite to Hayes’, removing 9 million ENA from Binance and reinvesting it into Ethena as per a recent Onchain Lens post. This particular whale now holds a total of 15.69 million ENA staked on Ethena, currently valued at approximately $16.94 million.

ENA Price Trajectory

Despite the speculation surrounding Hayes, Athena’s performance during the ongoing crypto bull run has been impressive. The DeFi protocol’s total value locked (TVL) grew from less than $10 million in TVL roughly a year ago to $6 billion.

Over the course of the last year, the token’s value has significantly increased by 51%, and an impressive 60% of these gains were achieved within the past month alone. This surge in momentum aligns with Ethena Labs’ recent introduction of the USDtb stablecoin, which garnered a TVL (Total Value Locked) of $65 million on its debut day.

Currently, Enara (ENA) stands as the 42nd most valuable cryptocurrency with a market cap of approximately $3.06 billion. It’s worth mentioning that around 13.68 million dollars’ worth of ENA tokens are set to be unlocked within the next two days, potentially leading to a potential price decrease.

Concerns about a 17% decrease in the token’s value over the past week have been expressed by numerous investors. However, analysts continue to be optimistic and see any price below $1 as an attractive opportunity. Based on technical analysis, the token has developed a double-bottom pattern during recent corrections, leading experts to propose a projected price of $1.60.

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2024-12-23 12:21