Hayes accumulation in the last few days have undoubtedly impacted ENA price.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Ethena ENA $0.86 24h volatility: 1.3% Market cap: $2.61 B Vol. 24h: $334.11 M has suddenly found itself under the watchful eyes of market observers after it saw a rather dramatic price surge. Over the past 24 hours, the value of ENA rose more than 22.5%, peaking at $0.7588 within the period.
As of publication, ENA had retraced some of its steps. However, it was still up 14.13% on the day and was seen changing hands at $0.7213.
Meanwhile, a link has already been established between ENA’s bullish momentum and BitMEX co-founder Arthur Hayes. The renowned investor, known for his sharp market instincts, quietly reshuffled his investment portfolio on November 26.
After months of holding Aethir (ATH) with no tangible returns, Arthur Hayes decided to liquidate the entire holding on the day, making an estimated loss of $815,000.
However, the loss was not going to last as his bold move paid off barely two days after. That is because his ENA investments reportedly show unrealized profits of $1.14 million. This means he has already recovered his losses and may have even additional profits yet to be taken out.
About the connection to the price jump, Hayes’s accumulation in the last few days has undoubtedly impacted ENA price. In a short time, he reportedly withdrew 16.79 million ENA tokens from Binance, investing approximately $11.09 million in the process.
With this capital inflow into the token, it is only understandable how ENA price has continued to climb.
Data from CoinGlass shows that open interest in ENA has surged by 23% to $374 million. Meanwhile, total liquidations for ENA hit $1.29 million, with $956,000 attributed to shorts. It might be safe to call a bullish sentiment in the market.
There might be other evidence that suggests that investors are becoming increasingly confident in ENA. That is, as the Ethena blockchain’s total value locked (TVL) surged to $4.09 billion.
For now, analysts will keenly observe the $0.75 support level, which, if held successfully, may help the token to climb further to $1. At the moment, there is high optimism that ENA might revisit its all-time high of $1.50.
As for Hayes, he continues to make a name for himself as one of the most calculative risk-takers. Other than his recent experience with ENA, he also saw similar results with Solana-based meme coins like Goatseus Maximus and FlowerAI (FLOWER).
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
