Arthur Hayes Leads Whales in ENA Buying Spree Amid Looming Token Unlock
The stablecoin Ethena (ENA) has seen significant buying activity from whales in recent days, with Arthur Hayes purchasing over $525K worth of ENA at an average price of $0.09. This comes despite a looming token unlock scheduled for August 5, which will release 171.88 million ENA worth around $15 million to the market.
The upcoming unlock adds to the 95.31 million ENA released on August 2, making this month's selling pressure particularly high. As of now, ENA's daily trading volume is down to $150 million, but whales remain optimistic about the token's potential growth.
A bearish technical outlook and two previous breakdowns at $0.09 have raised concerns that ENA may drop to $0.0789 if the bulls fail to maintain its price above $0.0875. However, a break past $0.0924 could be possible with sustained buying pressure.