Arthur Hayes lifts ENA stake to 5.02M tokens worth $3.91M

• Arthur Hayes increased his ENA holdings to 5.02 million tokens worth $3.91 million.
• ENA remains down nearly 49% from its all-time high despite Hayes’ accumulation.
• Binance’s listing of USDe could trigger Ethena’s fee switch and potential $500 million in ENA buybacks.

Arthur Hayes, co-founder of BitMEX and a long-time supporter of Ethena, has doubled down on his bullish stance. 

On-chain data from Onchain Lens shows Hayes purchased 578,956 ENA from Binance, worth roughly $467,700. The buy lifts his total holdings to 5.02 million ENA, valued at $3.91 million. 

Why Hayes’ Buy Matters

Large holders with Hayes’ profile often set the tone for sentiment in early-stage projects. His latest purchase came even as ENA struggled to hold momentum, a signal that he views the current weakness as accumulation territory rather than exit territory.

Related: Ethereum Whale Bets $6.6M on Ethena (ENA), Trims PEPE and Pendle Holdings

ENA Price Struggles Despite Whale Accumulation

At press time, ENA trades at $0.7797, up 9% on the week but still down nearly 49% from its all-time high of $1.52. Trading volumes have also collapsed 56% over the past week, raising concerns about waning liquidity.

Binance Listing of USDe Could Unlock Fee Switch

A more bullish catalyst could come from Binance’s listing of Ethena’s synthetic dollar, USDe, with trading pairs against USDC and USDT live since September 9.

This listing unlocks Ethena’s long-awaited fee switch, which recycles protocol revenues into ENA buybacks. Hayes has called this a “massive opportunity,” suggesting the upgrade could unlock up to $500 million in buybacks for ENA, potentially sparking long-term demand for the token.

Outlook: Can ENA Hold $0.76?

The 3-hour ENA chart below shows the token trading within a rising wedge pattern, a formation that often suggests potential downside if support fails to hold. Immediate support appears around the $0.76 to $0.77 region, which aligns with the wedge’s lower trendline. 

If ENA loses this footing, the next leg down could extend toward $0.72, with a deeper bearish case bringing it as low as $0.68. 

On the other hand, resistance remains firm at the $0.83 to $0.84 zone, coinciding with the upper Bollinger Band. A breakout above this region would be critical for momentum, potentially pushing ENA toward $0.90 with another hurdle at $1 mark.

Meanwhile, the RSI  sits at 48.9, a neutral reading that shows neither overbought nor oversold conditions. The MACD recently flashed a bearish crossover, signaling that short-term momentum has weakened. Also, the CMF remains negative at –0.15, suggesting capital outflows.

Overall, the short-term outlook will likely depend on whether ENA can defend its $0.76 support level, or if selling pressure will deepen the correction before any meaningful recovery attempt toward the $0.90 to $1 range.

Related: Bitcoin Inches Higher, Ethereum Slips, as Token Unlocks Dominate Market Sentiment