Arthur Hayes has unveiled a massive opportunity regarding ENA token, predicting $1.50 in the near future.
Arthur Hayes, the co-founder of BitMEX and a prominent investor in Ethena ENA $0.79 24h volatility: 1.8% Market cap: $5.43 B Vol. 24h: $1.65 B , has unveiled what he describes as a massive opportunity regarding the governance token ENA.
The token surged to $0.87 on Tuesday, its strongest level since late January, marking an 8.3% daily gain and more than 20% growth in a week.
Binance Listing USDe
The latest momentum comes as Binance confirmed the listing of Ethena’s USDe, a $13 billion synthetic dollar token, with trading pairs for USDE/USDC and USDE/USDT going live on September 9 and withdrawals opening a day later.
The Binance listing marks a critical step for Ethena as it paves the way to activate its long-awaited fee switch.
The mechanism would allow protocol revenues to be shared directly with ENA token holders, effectively creating a sustainable revenue distribution model.
Hayes quickly pointed out that the upgrade could unlock as much as $500 million in buybacks for ENA.
With the Binance $USDE listing $ENA fee switch is going to get turned on. That unlocks $500m of buybacks. LET'S FUCKING GO!
— Arthur Hayes (@CryptoHayes) September 9, 2025
The protocol’s performance has been notable as well with $54 million in revenue generated in August alone. Lifetime revenues surpass $480 million since Ethena’s launch in late 2023, according to Token Terminal.
Hayes’ Uncertainty: Buy-Sell-Buy ENA
Hayes has also been actively trading the token himself. In early August, he purchased 2.14 million ENA for $1.75 million at $0.816 per token, just weeks after selling 7.76 million ENA at roughly $0.595 for a $1.65 million profit.
His sudden accumulation confirms that Hayes sees potential in the project. He even predicted that the cryptocurrency will hit $1.50 in the near future without hesitation.
Ethena’s broader ecosystem is rapidly expanding as well. The USDe token has soared from $5.5 billion in mid-July to nearly $12.9 billion in valuation, making it the largest non-fiat-backed dollar asset in the market.
Ethena is also positioning itself in the stablecoin issuance race, launching a native stablecoin for Ethereum ETH $4 282 24h volatility: 1.9% Market cap: $516.64 B Vol. 24h: $30.39 B scaling network MegaETH and hinting at involvement in Hyperliquid’s upcoming stablecoin project.
ENA Price Analysis: Technical Setup Is Bullish
ENA has been trading in a rising channel since late August on the 3-hour chart. Recently, it broke above the channel’s upper boundary at $0.83.
This breakout, paired with strong Bollinger Band expansion, signals heightened volatility and bullish momentum.
The RSI is hovering above 76, indicating overbought conditions, but such readings often accompany sustained rallies in trending markets.
On-balance volume (OBV) is also rising steadily, confirming that buyers are driving the breakout.
ENA 3-hour chart with price breaking out of the ascending channel. | Source: TradingView
If momentum persists, the next bullish target lies near the psychological $1 mark, followed by Hayes’s projected $1.50 level, which would represent a 70% upside from current prices, making it the best crypto to buy in 2025.
On the other hand, failure to hold above $0.80 could push ENA back into its prior channel, with immediate support at $0.76 (20-period moving average) and stronger backing at $0.71.
A breakdown below $0.70 would invalidate the bullish structure and expose ENA to further downside risks.
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