Ethena (ENA) Price Surges Over 10% Intraday Due to Accumulation by Bitmex Co-Founder Arthur Hayes

This development comes at a time when Hayes transferred all his Aethir (ATH) to Ethena. This transfer happened due to restructuring

Bitmex co-founder Arthur Hayes has been accumulating synthetic dollar platform token Ethena (ENA), leading to a price surge of over 10% intraday.

This development comes as Hayes transfers all his Aethir (ATH) to Ethena (ENA). The move is part of a restructuring effort after incurring losses in ATH.

Hayes has been actively transacting Ethena crypto on the Binance exchange, with large withdrawals observed in the last two days.

While the move positions Arthur Hayes more as a strategic investor, it also highlights his focus on the synthetic dollar platform. His recent transactions in ENA have fueled a price surge of over 20% in the last three sessions, boosting its market cap to $2 Billion.

As the year comes to an end, Hayes' investment strategy has shifted towards synthetic dollar platforms. He sold all his holdings in ATH by the end of November, incurring a loss of about $815,000. However, he managed to regain the loss in the same period with the purchase of ENA, which brought him a profit of $1.14 Million as the altcoin rallied.

Data from Spot On Chain showed that Hayes withdrew a total of 16.79 million ENA coins from Binance, which he had purchased at an average price of $0.66.

Over the past two weeks, the Ethena crypto has seen a sustainable price surge, gaining over 50%. At press time, the ENA price traded at $0.7015, notching an intraday surge of over 10.16%.

A recent tweet by @VipRose highlights that Ethena crypto breached the downward trendline hurdle, and the token could see a significant upsurge in the next sessions. If the sustained price surge continues, we can anticipate the short-term targets of $0.8571 and $1.0784 soon.

Trading at over the 61.8% zone per the Fibonacci levels, Ethena crypto continued to form higher high swings. ENA’s metrics showed a significant liquidity surge.

With this, Hayes’ investment could capitalize on the token’s upward trajectory. Notably, the Total Value Locked (TVL) surged to $4.09 Billion.

During the daily timeframe, Ethena crypto traded with a strong buying momentum. The token has noted a volume surge of over 35%, displaying significant investor interest.

The Relative Strength Index (RSI) line soared to the overbought zone at 66, replicating heightened buying momentum.

Furthermore, the Average Directional Index (ADX) curve rose to 43, representing a sustained uptrend. At press time, more than 40% of in-the-money holders were making money, which reflects bullish cues.

However, the net network growth data revealed a 1.56% growth over the past 48 hours, which represented the sustained development in the ecosystem.

Data from Coinglass showed that ENA Open Interest has shot up by 12.13% to $355.13 Million over the past 24 hours, signifying prolonged buildup activity.

The price surge could be further fueled by the $414,000 in long liquidations in front of the $335,000 in short liquidations. The immediate support zones were $0.7000 and $0.6800, while the upside hurdles were $0.7200 and $0.7380.

The views, and opinions stated in this article by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.