Arthur Hayes Buys 9.05 Million ENA Ahead of Ethena's $15 Million Unlock

Arthur Hayes accumulated 9.05 million Ethena (ENA) tokens over three days, days before the protocol unlocks $15.36 million in supply.

Arthur Hayes bought 9.05 million Ethena (ENA) tokens over the past three days, on-chain data shows, days before the protocol releases $15.36 million in fresh supply.

On-chain tracker Lookonchain recorded two purchases in quick succession. On Monday, Hayes bought 6 million ENA worth $525,000 at an average price of $0.09. Two days earlier, he acquired 3.05 million ENA for $248,000, funded by selling 6.16 million tokens of cross-chain bridge Synapse (SYN) for $658,000.

Ethena, which issues the USDe synthetic dollar on Ethereum, will release 171.88 million ENA on August 5, worth $15.36 million at current prices. The tranche equals about 1.97 percent of the released supply. ENA has climbed roughly 11 percent over the past two weeks after touching a record low in June, and the unlock now tests whether demand can absorb the fresh tokens.

Token unlocks typically bring short-term price pressure. BeInCrypto analysis of CoinGecko price data shows ENA moved less than 1 percent on the median unlock day across the past 11 monthly releases, and the token fell in the following week in 7 of 11 cases.

Hayes' "Buy High and Sell Low" Pattern

The bigger question is Hayes' timing. Lookonchain data from February shows he bought 15.8 million ENA at $0.23 and sold 3.6 million at $0.14, locking in losses on both legs. The pattern stretches back further and extends beyond ENA.

His recent Ethereum trades show the same dynamic. On Monday, Hayes sent 2.5 million USDC to Galaxy Digital and received 1,337 ETH at $1,869 per ETH. Two days earlier, he had deposited 2,364 ETH into Cumberland and Galaxy Digital for 4.3 million USDC, a sale that went through at $1,821 and locked in a $241,000 loss of 5.3 percent.

Hayes had built the 7,213 ETH position at an average of $1,923 through his July purchases. Whether Wednesday's release pressures his newest ENA position, or passes quietly like July's, should become clear within days. For a trader whose public moves draw retail followers, the outcome carries weight beyond his own book — a sharp post-unlock slide would reinforce the pattern of buying into supply events, while a steady hold would suggest the accumulation is more than timing luck.

This article is for informational purposes only and does not constitute investment advice.