11.09.2025 13:19
BitMEX co-founder Arthur Hayes has substantially expanded his stake in Ethena (ENA), now commanding 5.02 million tokens valued at an impressive $3.91 million. This notable accumulation comes despite ENA's price still languishing almost 49% below its all-time peak, a situation that hasn't deterred the veteran investor.
Demonstrating a reinforced belief in the project, Hayes, a long-standing advocate for Ethena, recently acquired an additional 578,956 ENA tokens from a major global exchange, an acquisition valued at approximately $467,700. This latest move, tracked by on-chain analytics from various internet sources, further solidifies his already considerable position and underscores his long-term confidence in the digital asset.
Such substantial acquisitions by high-profile investors like Hayes often serve as a crucial indicator for nascent projects, shaping overall market sentiment. His decision to accumulate during a period of price weakness suggests he perceives the current market conditions as an opportune entry point for further growth, rather than a signal for divestment. This strategic move provides a stark contrast to the token's recent struggles.
Currently trading around $0.7797, ENA has seen a modest 9% gain over the past week, yet it remains significantly below its peak of $1.52. Compounding these challenges, trading volumes have plummeted by 56% in the last seven days, raising questions about the asset's near-term liquidity and sustained interest from broader market participants.
A potentially transformative catalyst for ENA's fortunes lies in the recent listing of Ethena's synthetic dollar, USDe, on a major global exchange. Since September 9, USDe has been available with USDC and USDT trading pairs, a development expected to activate Ethena's highly anticipated "fee switch." This mechanism is designed to channel protocol-generated revenues directly into ENA token buybacks.
Hayes himself has hailed this impending activation as a "massive opportunity," forecasting that the upgrade could unlock an impressive $500 million in ENA buybacks. Such a substantial influx of capital, if realized, is poised to significantly bolster demand for the token, potentially establishing a robust foundation for long-term value appreciation.
Looking ahead, the immediate price trajectory for ENA appears to be navigating a rising wedge pattern on shorter timeframes, a technical formation that often signals a potential for downside if crucial support levels are breached. Analysts are closely monitoring the $0.76 mark, which serves as a critical immediate support zone for the token in the coming sessions.
