Arthur Hayes has moved 2 million ENA tokens to Bybit, prompting speculation of a possible sell-off.
Former BitMEX CEO Arthur Hayes has once again shifted a portion of his Ethena token ENA $0.26 24h volatility: 8.5% Market cap: $1.99 B Vol. 24h: $244.31 M holdings to a centralized exchange. The move has sparked discussions across the crypto community, with some speculating on potential market impact while others see it as routine portfolio management.
On Monday, blockchain tracking platform Lookonchain revealed that Hayes had deposited 2 million ENA tokens, valued at $2.08 million, into the Bybit exchange. Notably, he still holds 7.96 million ENA tokens valued at $9.08 million.
This deposit follows a similar action on December 21, when Hayes transferred 7 million ENA (then worth $8.47 million) to Binance after unstaking 9 million tokens. At the time of the Binance transfer, ENA was trading at around $1.18, enjoying a surge after dipping to $0.85 just a day prior. Hayes publicly endorsed the Ethena project shortly before that transfer.
Currently, ENA is trading around $1.05, up 1.4% in the past 24 hours. Although the exact reason for Hayes’ recent movements remains unclear, some investors worry he may be preparing to sell a portion of his holdings, a sentiment echoed in mixed reactions on social media.
Meanwhile, another whale has countered Hayes’ actions, withdrawing 9 million ENA from Binance and staking it back into Ethena, according to a recent post by Onchain Lens. This whale has staked 15.69 million ENA in total, currently worth $16.94 million, on Ethena.
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.
Meanwhile, the token has surged 51% over the past year, with 60% of those gains materializing in just the last month. This momentum coincides with Ethena Labs’ recent launch of the USDtb stablecoin, which amassed $65 million in TVL on its first day.
ENA now ranks as the 42nd largest cryptocurrency by market capitalization, standing at $3.06 billion. It is important to note that around $13.68 million worth of ENA tokens will be unlocked in two days, which may cause a possible price dump.
While a 17% drop in the token’s value in the past week is worrying many investors, analysts remain bullish. They are viewing any price below $1 as a bargain. As per the technical analysis, the token has formed a double-bottom pattern during recent corrections, with experts suggesting a price target of $1.60.
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