TL;DR
- Ethena’s ENA gained about 4% in the initial snapshot despite Arthur Hayes selling another 14 million tokens worth roughly $2.73 million.
- Lookonchain estimated Hayes sold $28.8 million across several crypto assets over 24 hours, realizing around $6.65 million in profit, mainly from ETH and ENA.
- ENA’s rebound held near $0.20-$0.21, but the move remains a recovery attempt rather than a confirmed breakout, with $0.23 acting as nearby resistance for now.
Ethena’s ENA token climbed 4% in the initial snapshot despite selling linked to BitMEX co-founder Arthur Hayes. Lookonchain reported that Hayes sold another 14 million ENA worth $2.73 million, while a later market reading placed ENA near $0.1995. The rebound coincided with a large holder reducing exposure, but it does not show that the sale caused the price move. Ethena’s design around USDe and ENA remains central to how traders assess the protocol.
ENA Absorbs Hayes Selling as Traders Watch $0.20
Hayes’ transaction followed an earlier sale of 14 million ENA worth roughly $2.76 million. Together, the two batches amounted to about 28 million ENA valued near $5.5 million. Lookonchain also estimated that Hayes sold $28.8 million across several crypto assets over 24 hours and realized around $6.65 million in profit, primarily from ETH and ENA. The activity confirms substantial selling by Hayes, while the market response shows that one holder’s exit does not automatically determine short-term price direction.
ENA traded around $0.20-$0.21 during the rebound after slipping below $0.19 over the weekend. Daily trading volume reached roughly $420 million in the cited snapshot, making the latest $2.73 million ENA sale small relative to total turnover, although reported volume does not equal immediately executable liquidity. Buyers absorbed enough supply to support a recovery, but no single confirmed catalyst explains the move. Traders are also weighing Ethena’s fee switch framework linking potential ENA buybacks to USDe growth.
Technical levels remain important after the rebound. Analysts identified $0.20 as immediate support and approximately $0.23 as resistance, with a sustained move above $0.21 potentially reopening the higher level. Losing $0.20 could instead expose $0.18. The setup remains a recovery attempt rather than a confirmed breakout. Longer-term valuation debates have also included Standard Chartered’s Ethena coverage, but external price targets should not be treated as guaranteed outcomes.
Hayes said he had closed the directional trading book at Maelstrom after taking profits across ETH, ENA, UNI and other tokens, citing macroeconomic and geopolitical uncertainty. The decision contrasts with his earlier bullish positioning on ENA, but it does not establish a lasting bearish view of Ethena. Market attention now rests on whether ENA can hold support after absorbing the sale while the protocol continues expanding USDe across additional networks and applications. The signal is resilience after selling, not proof of a new sustained uptrend.
