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Arthur Hayes, co-founder of BitMEX and one of the most influential figures in crypto trading, has increased his exposure to Ethena (ENA) despite the token’s ongoing price struggles. On-chain data from Onchain Lens revealed that Hayes purchased 578,956 ENA from Binance, valued at around $467,700. With this acquisition, his total ENA holdings have now risen to 5.02 million tokens, worth approximately $3.91 million.
Hayes’ move highlights his conviction in Ethena’s long-term potential. Even though ENA remains nearly 49% below its all-time high of $1.52, his steady accumulation suggests that he views the current correction as an opportunity to build a stronger position rather than a reason to exit.
Why Hayes’ Accumulation Matters
When high-profile investors like Arthur Hayes buy into early-stage projects, the market usually takes notice. Hayes has a reputation for spotting opportunities before they become mainstream, and his latest accumulation signals confidence in Ethena’s future growth.
Large holders, or “whales,” often set the tone for sentiment within the crypto space. Their strategies can influence both retail and institutional investors who see whale accumulation as a sign of underlying strength. Hayes’ actions could encourage others to view ENA’s current levels as attractive entry points, despite the token’s sluggish performance in recent weeks.
ENA Price Faces Challenges
At the time of writing, ENA is trading at $0.7797, reflecting a 9% gain over the past week. However, it remains down almost 49% from its all-time high, highlighting the difficulty the token has faced in regaining momentum.
Adding to these concerns, ENA’s trading volume has dropped by more than 56% over the last week. Such a steep decline raises red flags about liquidity, as lower trading activity can make it harder for large transactions to be executed without impacting price.
This combination of whale accumulation and falling volumes presents a mixed picture: while whales like Hayes are betting on future growth, retail traders may remain cautious until volume and liquidity improve.
Binance Listing of USDe: A Game-Changing Catalyst?
One of the most significant developments for Ethena is Binance’s recent listing of USDe, the project’s synthetic dollar. Trading pairs with both USDC and USDT went live on September 9, a move that could trigger Ethena’s long-awaited fee switch.
The fee switch mechanism is central to Ethena’s tokenomics, as it redirects protocol revenues into ENA buybacks. According to estimates, this upgrade could unlock as much as $500 million in buybacks over time. Hayes himself has referred to the fee switch as a “massive opportunity” for ENA, as it has the potential to generate sustained buying pressure and support the token’s long-term demand.
If executed effectively, this mechanism could significantly strengthen ENA’s fundamentals, turning it into a more attractive asset for long-term investors.
Technical Outlook: Key Levels to Watch
From a technical perspective, ENA is currently trading within a rising wedge pattern on the three-hour chart. This formation often indicates potential downside risk if support breaks.
Immediate support is clustered around the $0.76 to $0.77 region, which aligns with the wedge’s lower trendline. A failure to defend this level could drag ENA down toward $0.72, with a deeper bearish case potentially testing the $0.68 zone.
On the upside, resistance remains firm between $0.83 and $0.84, which also coincides with the upper Bollinger Band. A breakout above this range could pave the way for a move toward $0.90, with further upside potential if ENA reclaims the psychological $1 level.
Market Indicators Suggest Mixed Sentiment
Technical indicators paint a mixed picture of ENA’s short-term trajectory. The Relative Strength Index (RSI) currently sits at 48.9, reflecting neutral market conditions that are neither overbought nor oversold.
Meanwhile, the Moving Average Convergence Divergence (MACD) has recently flashed a bearish crossover, pointing to weakening momentum. The Chaikin Money Flow (CMF) indicator is also in negative territory at –0.15, signaling capital outflows from the token.
Together, these readings suggest that ENA may face near-term selling pressure unless it can hold its critical support levels.
Outlook: Can ENA Defend Support Before Buyback Momentum?
The immediate challenge for ENA lies in defending the $0.76 support zone. If buyers succeed, the token could stabilize and set the stage for another push toward $0.90 or even $1. However, failure to hold this level could deepen the correction, discouraging short-term traders while presenting another potential accumulation window for whales.
In the bigger picture, Binance’s listing of USDe and the anticipated fee switch represent major catalysts that could reshape ENA’s fundamentals. Combined with Hayes’ growing stake, these developments underscore a bullish long-term outlook, even if short-term volatility continues.
For now, traders and investors will be closely watching whether Hayes’ confidence and Binance’s new listing can spark renewed momentum for ENA—or if the token will need more time to recover from its recent setbacks.
