ENA Price Surges Despite Arthur Hayes’ $8 Million Sale

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As a seasoned researcher with years of experience in the tumultuous world of crypto, I must admit that the recent events surrounding Ethena (ENA) have been intriguing to say the least. The sell-off by Arthur Hayes, a prominent figure in the crypto sphere, didn’t seem to faze this resilient token.

Despite Arthur Hayes’ large-scale selling off of 7 million ENA (worth approximately $8.44 million) today, Ethena (ENA) continued its upward trajectory undeterred. Notably, Hayes had previously endorsed Ethena Labs before deciding to unstake 9 million ENA and transfer them to Binance.

Previously, he took out 16.79 million ENA from Binance in late November when the price was around $0.666, yielding a potential profit of approximately $8.71 million (an increase of 78%). As of now, Hayes owns 9.96 million ENA worth about $11.7 million, with 7.94 million tokens locked up for staking.

Ethena (ENA) Continues to Outperform the Market Despite Arthur Hayes Sale

Despite the strong selling actions from well-known cryptocurrency investor, Arthur Hayes, Ethena (ENA) persisted with its price rise.

As reported by SpotOnChain, Hayes recently transferred 9 million ENA tokens out of circulation and placed 7 million ENA (valued at approximately $8.44 million) into Binance today. This move comes despite his previous endorsement of Ethena Labs. Prior to this, he had withdrawn a total of 16.79 million ENA from Binance between November 26 and 28, with an average price of $0.666, equating to around $11.19 million.

45 minutes ago, I (Arthur Hayes) chose to unstake a massive 9 million ENA tokens and deposit 7 million ENA tokens worth approximately $8.44 million into Binance, surprisingly contradicting my previous show of support for Ethera Labs earlier today!

In a tweet, it was mentioned that an amount of approximately $11.19 million (equivalent to 16.79M $ENA at around $0.666) was withdrawn from Binance between November 26 and 28, 2024.

He…

— Spot On Chain (@spotonchain) December 21, 2024

At present, Arthur Hayes owns approximately 9.96 million units of ENA, which are worth around $11.7 million. Out of this total, he’s staked 7.94 million tokens. His savvy trades have reportedly yielded a profit of about $8.71 million, equating to a substantial 78% return. However, despite these events, the price of ENA has demonstrated strength, persistently increasing even under selling pressure.

In the past 24 hours, Ethena has shown impressive growth with an increase of 8.47%. Despite this, other significant cryptocurrencies like Bitcoin and Ethereum are still facing challenges following a steep market decline earlier in the week.

Despite a significant bounce-back today, ENA underwent a substantial decrease of approximately 34.62% from $1.30 on December 16 to $0.85 by December 20. However, the token has since demonstrated impressive resilience and is currently trading at $1.08. With a market capitalization of around $3.17 billion, ENA now ranks as the 43rd largest cryptocurrency, demonstrating its robustness amidst the volatile nature of the crypto market.

Ethena ($ENA) Poised for 85% Surge, Says Analyst

It appears that Arthur Hayes may have overlooked the latest forecast by crypto analyst Chill Trader. Chill Trader posted a chart for ENA/USDT, suggesting Ethnea could experience a significant increase of approximately 85.34%. He emphasized a bullish Cup-and-Handle pattern, with crucial support at $0.94, which is currently under examination. If this level remains intact, the analyst foresees a price goal of $2.15, bolstered by robust momentum from the 200-day Exponential Moving Average (EMA) at $0.63, significantly below current values.

https://twitter.com/Chill_trader99/status/187000682226792866

For example, if the price falls below $0.94, it could continue moving towards the lower support level at $0.86. Chill Trader emphasized that volume plays a crucial role; a significant increase in buying activity is necessary for the price to rebound from the support, while excessive selling activity would indicate a breakdown.

Beyond the positive technical indicators, the recent establishment of significant strategic alliances strengthens the argument for an increase in Ethena’s price. The project has formed partnerships with Donald Trump’s World Liberty Financial (WLFI) and global investment titan BlackRock, suggesting a rising level of institutional attention.

Ethena’s alliance with WLFI introduces the sUSDe stablecoin as security to its Aave-oriented DeFi platform, generating significant interest within the decentralized finance community. Meanwhile, BlackRock concentrates on risk management strategies in volatile markets, yielding profits from treasury investments.

On the 16th of December, they unveiled USDtb – a novel stablecoin that’s supported by BlackRock’s BUIDL Fund. This innovative project was created in partnership with the tokenization platform, Securitize.

The heightened excitement about Ethena’s alliances and the possible impact of a presidency supported by Donald Trump is igniting greater curiosity towards ENA, hinting at a favorable forecast for the cryptocurrency in the coming days.

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2024-12-21 19:32