Despite declining earnings, whale accumulation and technicals suggest ENA’s rally isn’t over and a rally to $0.70 is likely.
BitMEX co-founder Arthur Hayes is back at it, adding another $1 million worth of Ethena ENA $0.56 24h volatility: 0.1% Market cap: $3.55 B Vol. 24h: $1.83 B to his crypto bag, alongside a massive 15% price surge in the past 24 hours. The trading volume of the altcoin also shot past the $1 billion mark, up around 30%.
JUST IN: ARTHUR HAYES ADDS 2.16M $ENA TO WALLET, NOW HOLDS $3.73M IN TOKENS
Source: @lookonchain https://t.co/wZ7zMVGULz pic.twitter.com/yCPVQ7qQBj
— Mario Nawfal’s Roundtable (@RoundtableSpace) July 25, 2025
A Broader Play by Hayes
According to on-chain analyst EmberCN, Hayes funneled the capital through three different channels, Binance, Galaxy Digital, and Flowdesk, to scoop up a combined 2.16 million ENA tokens in seven hours.
The ENA purchase is the continuation of a broader play by Hayes, who’s been focused on Ethereum and its surrounding ecosystem. Since mid-July, he has shelled out over $12.5 million across ETH, ENA, AAVE, LDO, ETHFI, and even PEPE meme token.
Hayes’ average buy-in for ENA stands at $0.386. With ENA now trading around $0.493, Hayes is already sitting on comfortable unrealized profits.
USDe and Whale Wallets Fuel Rally
USDe, the flagship product of the Ethena ecosystem, has raked in a massive $2 billion in just one week, as highlighted by Axel Bitblaze, a prominent analyst in the digital currency space.
$ENA is pumping like crazy right now, what’s actually going on ? 👇
– First, $USDe just pulled in nearly $2B in a week.
That’s insane. You don’t see that kind of inflow in this market unless something serious is cooking.
The main reason is sUSDe is paying 10% APY.
People are… pic.twitter.com/u31aAzFJzs
— Axel Bitblaze 🪓 (@Axel_bitblaze69) July 25, 2025
The main reason for this surge in USDe is the 10% APY offered by the synthetic dollar stablecoin. Axel noted that crypto market participants are “looping DeFi left and right to farm that yield,” adding that this demand “keeps feeding into ENA.”
Further, a fresh wallet, now the fourth-largest ENA holder, quietly pulled 1.23 billion ENA worth $567 million from Coinbase Prime. This sparked bullish conversations in the digital asset space, contributing to ENA’s 10% surge in the past 24 hours and 20% surge on July 24.
ENA Price Analysis: Breakout from Flag
The 1-hour chart below shows a clear bull flag formation following a steep vertical rally. Price has been consolidating in a downward-sloping channel, but recent candles are knocking right on the door of resistance.
If the breakout confirms, the flagpole’s height implies a potential 42% move, pushing ENA toward the $0.70–$0.72 range.
ENA Hourly Chart with Bullish Flag | Source: TradingView
Moreover, the RSI is at 54.77, neutral, but with room to run. The MACD just flashed a bullish crossover, and the Chaikin Money Flow (CMF) remains in positive territory at 0.05, suggesting steady inflows.
Finally, the Accumulation/Distribution line is climbing, confirming that large players are stacking rather than selling, making ENA one of the best crypto to buy.
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