The price action marks a volatile shift for ENA, which recently retreated from September highs near $0.30. Hayes, who recently shuttered his Maelstrom directional trading book, offloaded approximately 14 million tokens worth $2.73 million on October 25. This move was part of a larger $28.8 million liquidation spree across several assets, which Hayes justified by citing unpredictable macroeconomic and geopolitical headwinds.
In section Cryptocurrency
Ethena Rebounds as Traders Defy Arthur Hayes’ $2.7M Sell-Off
Ethena’s ENA token surged nearly 8% on October 26, climbing toward $0.21 despite a wave of liquidations from BitMEX co-founder Arthur Hayes. While the token has faced a 22% decline over the past month, a sudden influx of $420 million in daily trading volume suggests renewed market appetite for the asset.
Despite the selling pressure, the token is finding technical footing. ENA is currently hovering near its 20-day simple moving average of $0.2051, with analysts closely watching the $0.23 resistance level. While some market observers view the recovery as a potential breakout from a former resistance zone, others remain cautious. CryptoBullet, for instance, suggests the asset may require further consolidation within the $0.122 to $0.172 range before a sustained uptrend can materialize. As it stands, the market is balancing these technical signals against Ethena's long-term tokenomics, including proposed revenue-linked buybacks and an expanding role for its USDe stablecoin.
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