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BitMEX Co-Founder Invests $1.5M in ENA as Token Slides Nearly 8%

Irene Mukiri by Irene Mukiri
July 12, 2025
in Market, News
Reading Time: 4 mins read
BitMEX Co-Founder Invests $1.5M in ENA as Token Slides Nearly 8%
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  • Arthur Hayes accumulates $1.5M in ENA despite recent 7.82% price drop and low volume.
  • ENA holds key support near $0.328, but resistance at $0.350 continues to cap rallies.
  • MACD crossover and RSI at 64 hint at mild bullish momentum amid bearish backdrop.

Arthur Hayes, the co-founder of BitMEX and a well-known figure in the crypto space, made headlines again with a fresh move into Ethena (ENA). Over the past 24 hours, Hayes has accumulated approximately $1.505 million worth of ENA tokens across multiple platforms. 

The move comes despite ENA’s price showing a noticeable decline on the daily chart. His accumulation strategy involved transferring USDC to Binance, Wintermute, and Galaxy Digital, eventually converting it into over 4.2 million ENA. The sizable purchase has sparked fresh discussions around the token’s short-term potential and its current technical setup.

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BitMEX 联创 @CryptoHayes 应该是在过去一天里通过多渠道一共购买了价值 $150.5 万的 $ENA 。

➡️75.5 万 USDC 转进币安,提回 210 万枚 ENA;
➡️24.8 万 USDC 转进 Wintermute,提回 70 万枚 ENA;
➡️50.2 万 USDC 转进 Galaxy Digital,提回 140 万枚 ENA。

地址链接🔗👉:https://t.co/itBdOWyk2q… pic.twitter.com/mbqGHv4JeI

— 余烬 (@EmberCN) July 12, 2025

Strategic Accumulation Despite Bearish Price Action

Hayes’s transactions were spread across three major crypto service providers. He sent 755,000 USDC to Binance, where it was exchanged for 2.1 million ENA. He also moved 248,000 USDC to Wintermute, resulting in the purchase of 700,000 ENA. 

The final tranche included a 502,000 USDC transfer to Galaxy Digital, yielding 1.4 million ENA. These transactions indicate a deliberate and distributed accumulation strategy rather than a single-market buy, which might have caused price slippage.

Interestingly, these purchases came while ENA faced downward pressure. The token as of press time trades at $0.3711 and has steadily declined. At the time of reporting, the price rests at $0.3381 representing a 7.82% decrease in the last 24 hours. Volume also dropped significantly, down by over 48%, suggesting weakened investor participation and lowered interest.

Support and Resistance: Critical Price Zones

ENA currently finds key support between the $0.328 and $0.330 range. This level has held multiple times, hinting at strong buyer defense. A minor support exists at $0.340, where some consolidation occurred during the downtrend. If price falls below the $0.328 support, more downside could follow.

Source: CoinMarketCap

On the upside, resistance zones remain firm. The $0.350 to $0.352 band has seen repeated failures to break, indicating heavy selling. The $0.371 level where the day began marks the next significant hurdle if recovery attempts continue.

Technical Indicators Offer Mixed Signals

ENA/USD daily price chart, Source: TradingView

Despite the bearish trend, the MACD indicator recently posted a bullish crossover. The MACD line sits at 0.0113, while the signal line trails at 0.0055. A green histogram suggests slight upward momentum. 

Meanwhile, RSI reads 64.44, approaching the overbought zone but not breaching it yet. This implies moderate buyer strength, perhaps driven by Hayes’s purchases.

Tags: Market News

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