Ethena Buying Frenzy Ahead of Massive Token Unlock

The altcoin Ethena (ENA) has seen significant buying activity from whales in recent hours, despite an upcoming token unlock that could put pressure on its price. According to Arkham data, co-founder of BitMEX Arthur Hayes purchased 6 million ENA worth over $525K at an average price of $0.09.

This is not the first time Hayes has bought into ENA this week; he also added another 8.997 million ENA to his position earlier in the day, valued at roughly $739.7K from Binance.

The buying activity comes ahead of a massive token unlock scheduled for August 5, which will release 171.88 million ENA worth $15 million into the market. This is equivalent to 1.97% of the released supply and could put significant selling pressure on the altcoin.