Arthur Hayes, the co-founder of BitMEX and one of crypto's most closely watched traders, has kept adding to his position in Ethena's ENA token. On-chain data tracked by Lookonchain shows Hayes bought another 10.9 million ENA worth roughly $985,000, bringing his total purchases over the past five days to 22.64 million ENA worth approximately $2 million.
The buying spree has unfolded in stages rather than a single large purchase. Earlier trades included roughly 3.05 million ENA for about $248,000, followed by a larger buy of 6 million ENA worth $525,000 at an average price near $0.09. The steady, staggered pattern suggests Hayes has been building the position gradually rather than making a single conviction bet, buying into weakness as the token continued trading below its previous highs.
Timing Against a Major Unlock
The purchases are notable for their timing. Ethena released 171.88 million tokens worth roughly $15.36 million on August 5, an unlock event that typically pressures token prices as new supply hits the market. Hayes buying through that window, rather than waiting for the unlock to clear, signals a degree of confidence that the added supply won't overwhelm demand.
Related: Whale Trims $90M Bitcoin Short After Stop-Losses Trigger Near Liquidation
The Thesis Behind the Bet
Hayes has publicly framed ENA as a utility-focused asset positioned to benefit from capital rotating out of memecoins and into projects with clearer product-market fit. As one of the earliest and most prominent voices in crypto derivatives trading, his on-chain moves are watched closely by traders looking for directional signals, and the sustained nature of this buying — rather than a single headline-grabbing purchase — has drawn particular attention as a marker of genuine conviction rather than a short-term trade.
