Arthur Hayes Makes Massive ENA Purchase as Ethena Nears $15 Million Unlock

TL;DR

• Arthur Hayes bought 9.05 million ENA worth about $773,000 across two purchases completed over three days shortly before Ethena’s August 5 token unlock.
• Ethena will release 171.88 million ENA valued near $15.36 million, equal to roughly 1.97% of circulating token supply, after an 11% rebound.
• Hayes has previously sold ENA and ETH at losses before rebuying higher, making his latest purchase another test of his volatile trading timing.

Arthur Hayes has purchased 9.05 million Ethena tokens over three days, spending about $773,000 just before a sizable supply event. On Monday, the BitMEX co-founder bought 6 million ENA for $525,000 at an average price near $0.09, after acquiring another 3.05 million tokens for $248,000 two days earlier. The timing places Hayes directly in front of an unlock that could test whether buyers can absorb new supply. His move looks bullish, yet it arrives when additional tokens may introduce short-term selling pressure and unsettle a recovery still developing across the altcoin market.

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