Arthur Hayes Buys 2.16M ENA Tokens as Price Surges 20% in 24 Hours

BitMEX co-founder Arthur Hayes has recently purchased 2.16 million Ethena (ENA) tokens, valued at approximately $1.06 million, according to on-chain data from Arkham [1]. This acquisition has elevated his total ENA holdings to 7.76 million tokens, representing a value of $3.73 million [4]. The move has intensified speculation about a potential price surge for ENA, particularly as the token has already seen a 20% increase within 24 hours of the purchase [2]. Hayes’ track record as a prominent crypto investor has historically influenced market sentiment, though analysts caution that broader market conditions will ultimately dictate price trajectories [5].

The surge in ENA’s Open Interest (OI) further underscores growing demand. Coinglass data reveals that OI for ENA derivatives surpassed $10 billion in early July 2025, reflecting heightened trading activity and institutional participation [2]. Technically, the token has shown bullish momentum, with the Relative Strength Index (RSI) exceeding 70—a threshold indicating strong upward pressure—and the MACD crossing above both its signal line and zero level [2]. These indicators align with ENA’s recent price action, which has surged 125% over the past month, driven by both retail and institutional demand [4].

Strategic developments have also bolstered Ethena’s profile. A partnership with Anchorage Digital aims to establish USDtb as a U.S.-regulated stablecoin under the GENIUS Act framework, enhancing regulatory clarity for federally managed institutions [6]. Additionally, StablecoinX’s $360 million merger with TLGY Acquisition Corp. includes plans to invest in Ethena infrastructure, further signaling institutional confidence [2]. These moves coincide with Hayes’ accumulation, creating a narrative of growing credibility and market traction.

Analysts have highlighted a potential “bull flag” pattern in ENA’s four-hour chart, suggesting a possible 42% upward move toward $1 [5]. However, such projections are attributed to third-party analysis and should not be conflated with actual market outcomes. The token’s recent performance has also raised questions about the sustainability of its gains, given prior declines in Ethena’s earnings [7]. While short-term optimism is fueled by whale activity and technical indicators, long-term success will hinge on Ethena’s ability to execute its roadmap and attract broader adoption [7].

Hayes’ involvement, coupled with regulatory advancements and institutional backing, has positioned ENA as a focal point in the crypto market. Yet, as with any speculative asset, investors are advised to remain cautious and monitor both on-chain activity and macroeconomic factors that could impact its trajectory.

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[1] [Arthur Hayes Buys 2.16M ENA Tokens as Price Surges 20...](https://www.ainvest.com/news/arthur-hayes-buys-2-16m-ena-tokens-price-surges-20-anchorage-partnership-2507/)

[2] [Arthur Hayes invests $1.06M in Ethena as ENA surges 20...](https://www.ainvest.com/news/ethereum-news-today-arthur-hayes-invests-1-06m-ethena-ena-surges-20-post-purchase-2507/)

[4] [Ethena surges 20% after Arthur Hayes scoops up 2M ENA...](https://cryptonews.net/news/altcoins/31317202/)

[5] [Arthur Hayes Buys $1M in ENA, Bull Flag Signals 42%...](https://www.coinspeaker.com/arthur-hayes-1m-ena-flag-42-upside/)

[6] [Ethena eyes 20% gains amid Arthur Hayes 2 million ENA...](https://www.fxstreet.com/cryptocurrencies/news/ethena-eyes-20-gains-amid-arthur-hayes-2-million-ena-grab-anchorage-digital-deal-new-apps-202507251137)

[7] [Will ENA Go Up By 100%? Stablecoin and Arthur Hayes...](https://www.bitrue.com/blog/will-ethena-ena-rise-arthur-hayes)