Hayes' ENA Buying Spree Ahead of $15M Unlock Raises Questions
Arthur Hayes made two significant ENA purchases in quick succession over the past three days. On-chain data shows he bought 6 million Ethena (ENA) tokens on Monday for $525,000 at an average price of $0.09.
This was accompanied by the sale of 6.16 million Synapse (SYN) tokens for $658,000, which marks a rotation in his portfolio that extends a pattern of previous shifts.
The timing of Hayes' purchases is notable as Ethena will release 171.88 million ENA on August 5, worth $15.36 million. This unlock could bring short-term price pressure to the token, which has climbed around 11% over the past two weeks after touching a record low in June.
ENA has released tokens on 11 monthly occasions, and according to BeInCrypto analysis of CoinGecko price data, the median unlock day saw ENA move less than 1%. In seven out of 11 cases, the token fell in the following week.