- Arthur Hayes increases ENA holdings, sparking bullish market speculation quickly.
- Ethena’s Open Interest triples, signaling rising demand among crypto traders.
- ENA charts show strength, with indicators pointing toward possible breakout.
BitMEX co-founder Arthur Hayes has made headlines after purchasing millions worth of Ethena (ENA) tokens, raising speculation of a significant price move. According to on-chain data Arkham confirms that Hayes recently bought 2.16 million ENA tokens, valued at approximately $1 million.
With this purchase, Hayes has increased his overall ENA holdings to $7.76 million. His total net worth in terms of assets is currently estimated at approximately $3.73 million, one of the most positive signals of confidence on the part of the well-known crypto investor.
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This position synchronises with the enormous increase in the Open Interest (OI) of ENA in the derivatives markets. According to Coinglass data, ENA OI increased significantly in the first days of July, jumping more than $10 billion. The abrupt gain is indicative of an upward trend in demand and trading activities by the players in the market.
Source: Coinglass
ENA has also recorded very strong upward trends in the spot market. The token increased by a whopping 20 percent in the last 24 hours, reaching as high as about $0.59. Fueled by both retail and institutional interest, ENA has gained 125 percent in value over the last month.
Technically, the token has been performing well after coming down to the $0.435 mark. Its Relative Strength Index (RSI) has even moved ahead of 70, which is an indicator of bullish power. The MACD indicator has also crossed the zero line and the signal line, which shows increasing buying pressure.
Source: Tradingview
Strategic Moves and Technical Indicators Fuel Speculation of a Price Rally
ENA’s current price action is developing within a symmetrical rising trend channel on the four-hour chart. The token is approaching a key decision zone that could trigger a breakout toward the $1 mark or a pullback within the channel.
In addition to trading activity, Ethena Labs has increased its credibility through significant partnerships. A new alliance with Anchorage Digital aims to establish USDtb as a U.S.-regulated payment stablecoin under the GENIUS Act. The CEO of Anchorage stated that the rule creates a level of clarity regarding the engagement of stablecoins by federally regulated institutions.
In the meantime, StablecoinX just merged with TLGY Acquisition Corp., raising $360 million in PIPE funds to invest in ENA and develop the Ethena infrastructure.
Arthur Hayes’s rampant purchase of the ENA tokens has further sparked speculation of a significant price breakout. With technical indicators turning bullish and institutional backing growing, ENA could be on the verge of a notable surge.
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