Arthur Hayes: A Prominent Figure in Cryptocurrency and His Recent Moves with Ethena (ENA)
Introduction to Arthur Hayes and His Involvement in Cryptocurrency
Arthur Hayes is a well-known name in the world of cryptocurrency investments. As a co-founder of the pioneering exchange BitMEX and the Chief Investment Officer of Maelstrom Fund, his family office, Hayes has significantly influenced the crypto landscape. Recently, he made headlines by selling over $10 million worth of the Ethena (ENA) cryptocurrency, a project he has been financially backing and promoting.
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Details of the Recent ENA Transaction
Data obtained by Finbold from Arkham Intelligence highlights that on December 22, Hayes received 9 million ENA tokens from an Ethena smart contract. This substantial amount was then divided between two centralized exchange addresses. Initially, Hayes transferred 7 million ENA, valued at $8.47 million, to Binance, after obtaining $10.91 million from the smart contract. Subsequently, 2 million ENA, equivalent to $2.42 million, was sent to a Bybit-associated address, as identified by Lookonchain.
Understanding the Source of These ENA Tokens
It appears that Hayes’s transaction involved the unstaking of 9 million sENA from Ethena’s liquid staking protocol. A week prior, Hayes’s account demonstrated significant sENA activity, valued at $8.88 million, suggesting this correlation.
Arthur Hayes’s Support for Ethena (ENA)
Arthur Hayes is not merely an investor; he is also a staunch advocate of Ethena (ENA). His influence and ideas were instrumental in the conceptualization of USDe, a stablecoin by Ethena which operates similarly to Hayes’s proposed model. While Hayes’s initial drafts advocated for using Bitcoin (BTC) for automated trades, Ethena opted for Staked Ethereum (sETH) for its stablecoin framework.
Hayes’s Long-standing Commitment to Ethena
Hayes has been a supporter of Ethena since its inception, contributing not only through financial backing but also in an advisory capacity. As reported by CoinDesk, the Maelstrom Fund, managed by Hayes, participated in a substantial $6 million funding round for Ethena, led by Dragonfly.
Current Holdings and Market Reactions
As per Arkham Intelligence, Arthur Hayes’s known cryptocurrency holdings amount to $36.44 million. Among these, sENA stands as the third largest holding, with 7.919 million sENA tokens valued at $8.35 million. Additionally, Hayes possesses 18,580 ENA tokens, which are worth approximately $19,680.
Impact of the Recent ENA Sale
The recent sale of ENA by Arthur Hayes constituted over half of his entire known position in ENA and sENA. This move has notably attracted attention within the market, sparking discussions about the implications of Hayes’s support for Ethena and the reasons behind this significant transaction.
Historical Context and Market Speculation
It is not the first time Hayes has made such headlines. Finbold previously reported on his substantial disposal of Pendle (PENDLE) tokens shortly after promoting it publicly on social media. Observers are keenly monitoring Hayes’s actions to assess whether these moves are strategic trading decisions or indicative of a broader shift in investment strategy, potentially involving insider knowledge.
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