Hayes Buys 9 Million Ethena Tokens as Unlock Looms
Arthur Hayes made two ENA purchases in quick succession earlier this week. He bought 6 million ENA worth $525,000 at an average price of $0.09 on Monday, and 3.05 million ENA for $248,000 the day before that.
The latter purchase was accompanied by the sale of 6.16 million Synapse (SYN) tokens for $658,000. This move marks a rotation in Hayes' portfolio, a pattern that has been observed before.
ENA's price has climbed around 11% over the past two weeks after touching a record low in June. However, a short-term headwind looms as Ethena will release 171.88 million ENA on August 5, worth $15.36 million.
This unlock is equivalent to about 1.97% of the released supply and typically brings short-term price pressure. BeInCrypto analysis shows that on the median unlock day across the past 11 monthly releases, ENA moved less than 1%. In 7 out of 11 cases, the token fell in the following week.
Hayes' 'buy high and sell low' pattern has been observed before. He previously bought 15.8 million ENA at $0.23 and sold 3.6 million at $0.14 in February. This pattern stretches back further.
Not only is Hayes buying up ENA, but he also made a recent Ethereum (ETH) trade that shows the same 'buy high' pattern. On Monday, Hayes sent 2.5 million USDC to Galaxy Digital and received 1,337 ETH at $1,869 per ETH.