Hayes Unloads ENA Holdings Worth Over $8 Million on Binance
Arthur Hayes, co-founder of BitMEX, has made a significant move in the cryptocurrency market. According to blockchain analysis firm Lookonchain, he deposited over $8.47 million worth of Ethena (ENA) into Binance. This transfer is likely for sale purposes.
The accumulation of ENA by Hayes began on November 26th and continued until November 28th. During this time, he purchased 16.79 million ENA at a price of $0.67 per coin, valuing his holdings at $11.21 million.
Hayes' decision to sell his ENA comes after expressing concerns about a potential market correction following Donald Trump's presidential inauguration. He anticipates a disruptive market downturn around January 20th, 2025, and suggests rebuying core positions after potential price dips in the first half of the year.