Arthur Hayes, the founder of BitMEX, has once again made headlines with his significant movements in ENA tokens.

His latest transaction involved the unstaking and transfer of 7.845 million ENA ($6.46 million) to Binance and Bybit, fueling speculation about his trading strategies.

Strategic Accumulation of ENA  

In late November 2024, Hayes strategically accumulated 16.79 million ENA tokens from Binance and Wintermute Trading at an average price of $0.666. This acquisition, estimated at $11.19 million, was followed by staking the tokens to earn additional rewards, a move that demonstrated his confidence in the token’s potential at the time.

Profitable Exit: $5.52M in Gains  

To date, Hayes has deposited a total of 16.9 million ENA back to centralized exchanges (CEXs) at an average price of $1.01. These transactions have likely earned him a profit of $5.52 million, representing a 48% gain on his initial investment.

ENA Price Faces Pressure  

Following Hayes’ latest transfer of 7.9 million ENA, the token’s price dropped by 9% in the past 24 hours. This decline suggests that the large-scale movement of tokens may have influenced

Implications for the Market  

Hayes’ ability to time the market and execute profitable trades highlights the significant impact that high-profile figures can have on token prices. His actions also emphasize the importance of monitoring whale activity for insights into market trends.

As ENA continues to navigate price fluctuations, the community will likely remain vigilant for further moves by Hayes and other influential players in the space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: sakchai/123RF // Image Effects by Colorcinch