Hayes Buys Big Before Ethena's $15 Million Unlock

Arthur Hayes has made a significant purchase of Ethena tokens (ENA) worth approximately $773,000 over two transactions just before the token unlock scheduled for August 5. According to data from Lookonchain, Hayes acquired 9.05 million ENA tokens at an average price of around $0.09.

The move is seen as a bullish signal, but it comes at a time when new supply may introduce short-term selling pressure and test the recovery still developing across the altcoin market. Ethena's upcoming unlock will release 171.88 million ENA tokens valued near $15.36 million, equal to roughly 1.97% of circulating token supply.

Hayes' trading history suggests that he has a volatile timing strategy and has previously sold ENA and ETH at losses before rebuying higher. This latest purchase is another test of his trading timing, which could be either bullish or bearish depending on how the market reacts to the upcoming unlock.