Whales Buy Ethena as Unlock Looms: Can ENA Break $0.09?

Ethena's (ENA) price has been consolidating around $0.09, and whale investors are positioning themselves to potentially break this level. Despite the stagnant price action, Arthur Hayes, co-founder of BitMEX, has increased his ENA position by buying over 6 million tokens.

The total value of Hayes' purchases is approximately $525,000 with an average price of $0.09. However, this activity comes just before a massive token unlock scheduled for August 5, where 171.88 million ENA worth $15 million will hit the market. This adds to the 95.31 million ENA released on August 2.

The upcoming token unlock may lead to increased selling pressure, which could counteract the buying activity from whales. According to Arkham data, Hayes' eight consecutive buys amount to over 8.997 million ENA valued at roughly $739.7K from Binance.