- Arthur Hayes purchased 2.16 million Ethena (ENA) coins worth nearly $1 million.
- ENA price was among the top gainers in the last 24 hours amid heavy crypto liquidations.
- Ethena partnered with Anchorage to develop a product with a clear path to compliance.
Arthur Hayes, co-founder of BitMEX cryptocurrency exchange, has been on a buying spree for Ethena (ENA) tokens from various cryptocurrency exchanges in recent times. According to on-chain data analysis, Hayes purchased 2.16 million ENA tokens, worth around $1 million. Consequently, Hayes increased his ENA token holdings to 7.76 million, which are worth about $3.73 million.
The rising demand for Ethena has coincided with the exponential growth in its Open Interest (OI). According to aggregate market data from Coinglass, Ethena’s OI surged from around $340 million at the beginning of July to above $1 billion, thus signaling high demand from speculative traders.
Ethena Price Eyes All-Time High Next
Following the palpable demand for Ethena through the spot and futures markets, the ENA price has gained bullish sentiment. During the past 24 hours, the ENA price surged 20% to hover about $0.59 on Saturday, July 26.
The altcoin, with a fully diluted valuation of about $8.77 billion and a daily average trading volume of around $2.17 billion, has signaled a potential rally towards its all-time high, especially after the 125% rally in the past month.
In the daily timeframe, ENA price has rebounded from a support/resistance level around $0.435. The bullish outlook for ENA is bolstered by its daily Relative Strength Index (RSI), which surged above the 70 level for the first time in 2025. Additionally, the daily MACD line has surged above the signal line and the zero line amid growing bullish histograms.
In the four-hour timeframe, the ENA price has established a symmetrical rising trend channel. From this perspective, the ENA price has approached a crucial decision point, which could either lead to a parabolic rally beyond $1 or a retrace to the lower border of the rising channel.
Why Consider ENA in the Ongoing Bull Market
With a circulating supply of around 6.35 billion ENA tokens, the Ethena platform has significantly improved its fundamentals to attract more organic users and investors. For example, Ethena Labs announced a strategic partnership with Anchorage Digital to enable USDtb to become a U.S. federally regulated payment stablecoin under the newly enacted GENIUS Act regulation.
“The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem. We’re proud to support Ethena in bringing their product to the U.S., helping deliver even greater transparency and confidence to their partners,” Nathan McCauley, CEO and Co-Founder of Anchorage Digital, noted.
Earlier this month, StablecoinX announced a merger with TLGY Acquisition Corp., a special purpose acquisition company (SPAC), to go public. The newly formed entity raised $360 million through private investment in public equity (PIPE) to fund the acquisition of ENA tokens and support Ethena’s stablecoin infrastructure.
Related: Ethena’s USDtb Becomes First Stablecoin With a Clear Path to US Compliance
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