Ethena erased some of the gains made on Friday, Dec. 12, after on-chain data showed that Arthur Hayes was selling.

Data by Nansen shows that Hayes, the co-founder and former CEO of BitMEX, moved 7 million tokens worth $8.47 million to Binance.

Ethena (ENA/USD) prices erased some of the gains made on Friday, Dec. 12 after on-chain data showed that Arthur Hayes was selling.

According to data by Nansen, Hayes, the co-founder and former CEO of BitMEX, had moved 7 million ENA tokens valued at $8.47 million to Binance. Moving a cryptocurrency from a self-custody wallet is usually a sign that a crypto investor is selling.

Earlier in the week, the total value locked in Ethena’s ecosystem in the form of USDe stablecoin had jumped to over $6 billion for the first time. This growth had made it the third-biggest stablecoin in the crypto industry after Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC).

USDe’s growth is mostly due to its strong yield. According to its website, USDe’s stablecoin yields at 12%, much higher than what US government bonds and most dividend ETFs are offering.

Its growth comes as interest rates have risen to the highest levels in decades. The Fed had cut interest rates to 0% at the onset of the pandemic but began raising them in March 2022.

According to the minutes of the December policy meeting, several members of the Federal Reserve believe that it will be best to keep raising interest rates until inflation shows signs of slowing down drastically.

Most economists believe that the US central bank will announce another quarter of a percentage point hike in the benchmark lending rate.

Here’s a look at other news that could move ENA prices this week:

* U.S. consumer price index

The U.S. consumer price index is expected to have risen 0.3% in December after no change in the previous month, according to economists polled by Dow Jones. Economists also project a 0.2% rise in the core CPI, which excludes volatile food and energy prices.

* University of Michigan consumer sentiment