Arthur Hayes bought 579,000 ENA on Binance for $467,700
Co-founder BitMEX and Ethena cryptocurrency supporter Arthur Hayes has increased his position in ENA.
Onchain Lens data shows that Hayes purchased Binance 578,956 ENA worth $467,700. This purchase increased his total portfolio to 5,02 million ENA worth $3,91 million.
Given that ENA’s current momentum is sluggish, it appears Arthur Hayes is viewing the current weakness as an opportunity to accumulate.
ENA is currently trading at $0,77, down 4% on the day, with a weekly gain of 10,3% and nearly 49% below its all-time high of $1,52. Trading volumes have fallen 56% over the past week, raising concerns about liquidity withdrawals.
Hayes likely sees a positive side to the listing of Ethena’s USDe synthetic dollar on the exchange Binance, where it has been trading since September 9 against USDC and USDT.
This listing introduces a fee that will allow the Ethena protocol’s revenue to be used to buy back ENA. Accordingly, the upgrade could allow for up to $500 million in ENA buybacks, which could stimulate long-term demand for token.
The 3-hour ENA chart below shows how token is trading within a rising wedge, a formation that often signals potential downside if support is broken. The closest support level is around $0,76–$0,77, which coincides with the lower trendline of the wedge.
If ENA loses this support, the next support level could drop to $0,72, and in a deeper bearish scenario, to $0,68.
Resistance remains strong in the $0,83–$0,84 zone, which coincides with the upper Bollinger band. A breakout of this area will be critical for ENA to push to $0,90 and then to $1.
TradingView data
The RSI reading is at 48,9, which is neutral and neither overbought nor oversold. The MACD recently showed a bearish crossover, signaling weakening short-term momentum. Chaikin Money Flow remains negative at -0,15, indicating capital outflows.
