Hayes Sells $8.47M Ethena Amid Market Correction Fears

Arthur Hayes, co-founder of BitMEX, has made a significant move in his altcoin holdings. According to blockchain analysis firm Lookonchain, Hayes transferred over $8.47 million worth of Ethena (ENA) into Binance, likely for sale purposes.

The transfer comes after Hayes accumulated 16.79 million ENA between November 26th and November 28th at a price of $0.67 per coin, resulting in a gain of over $7.7 million given the current market value.

In a recent publication, Hayes expressed concerns about a potential market correction following Donald Trump's presidential inauguration, citing his strategic political maneuvers could lead to a significant dollar versus gold devaluation.