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Ethena Price Skyrockets on Arthur Hayes Buying Spree
Bitmex co-founder Arthur Hayes is on an ENA accumulation spree, driving more than 22% Ethena price gains in the last 24 hours. This comes as Hayes is reportedly moving all of his Aethir (ATH) holdings to Ethena (ENA) as part of a portfolio reshuffling, after making heavy losses in ATH.
ENA Price Skyrockets on Arthur Hayes Buying Spree
As of press time, ENA price is trading 22.50% up at $0.7502 with its market cap soaring all the way to $2.13 billion. In the last two days, Hayes made notable withdrawals of ENA from crypto exchange Binance, showing his intensified interest in the synthetic dollar protocol.
According to blockchain tracking platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.
The average purchase price of ENA by the BitMEX co-founder currently stands at $0.66. Thus, Ethena price appreciation thereafter has resulted in an unrealized profit of $1.14 million, or over 14% appreciation already.
ENA Bullish Momentum and Other Milestones
As per Coinglass data, the ENA open interest has shot up by 23% to $374 million while the total ENA liquidations have shot up to $1.29 million, of which $335,000 are in long liquidations and $956,000 are in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain has also surged to $4.09 billion.
The Ethena Blockchain
The Ethena blockchain is gaining strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from traditional stablecoins by offering a native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto margin collateral.
Conclusion
In conclusion, the Ethena price surge can be attributed to Arthur Hayes’ buying spree, which has driven significant gains in the last 24 hours. The increased open interest, liquidations, and TVL on the Ethena blockchain also indicate a strong bullish momentum.
FAQs
Q: What is Ethena (ENA)?
A: Ethena is a synthetic dollar protocol that offers a native yield and is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH).
Q: What is the current price of Ethena (ENA)?
A: As of press time, ENA price is trading at $0.7502 with a 22.50% gain in the last 24 hours.
Q: Who is Arthur Hayes?
A: Arthur Hayes is the co-founder of BitMEX, a popular derivatives platform.
Q: Why is Arthur Hayes buying Ethena (ENA)?
A: According to reports, Hayes is moving his Aethir (ATH) holdings to Ethena (ENA) as part of a portfolio reshuffling, after making heavy losses in ATH.
Q: What is the total value locked (TVL) on the Ethena blockchain?
A: The total value locked (TVL) on the Ethena blockchain has surged to $4.09 billion.
Q: What is the current open interest in Ethena (ENA)?
A: The ENA open interest has shot up by 23% to $374 million.
