Arthur Hayes is Still Buying Ethena as Accumulation Continues

Hayes Deepens His Ethena Position

BitMEX co-founder Arthur Hayes has purchased another 10.9 million $ENA tokens worth approximately $985,000, according to on-chain tracking platform Lookonchain. The latest buys bring his total accumulated position over the past five days to 22.64 million ENA, valued at nearly $2 million.

The sustained buying spree has caught the market's attention because it reflects growing conviction from one of crypto's most closely followed investors. Instead of chasing short-term momentum, Hayes appears to be steadily building exposure while ENA continues trading below its previous highs. Hayes' family office, Maelstrom, has previously backed Ethena's ENA token as part of its broader venture-stage investment strategy.

Ethena Under Pressure Despite Smart-Money Interest

The renewed accumulation comes as $ENA trades well below its historical highs. The token's all-time high was $1.52, with an all-time low of $0.07. It has since recovered modestly but remains under supply-side pressure from a regular unlock schedule. Ethena released 171.88 million ENA tokens on August 5, worth approximately $15.36 million, accounting for 1.97% of the released supply. Of that tranche, 93.75 million tokens were awarded to core contributors, with investors receiving 78.13 million ENA.

Despite the price weakness, Ethena's underlying protocol continues to attract institutional interest. USDe supply stands at $4.7 billion with consistent backing above 100 percent and integrations across Morpho, Pendle, and Hyperliquid. Janus Henderson has also taken a position in ENA to explore regulated products tied to the ecosystem.

Whale activity from prominent figures like Hayes can serve as a market sentiment indicator, though consistent accumulation by a well-known trader does not always predict future price movements. Whether Hayes' steady buying at current levels signals a longer-term conviction play or a tactical repositioning remains to be seen, but it has put $ENA firmly back on the radar of both retail and institutional watchers.

Sources:
BeInCrypto: Here's Where Arthur Hayes Is Putting His Money in 2026
Coinpedia: ENA Price Surges on Fresh Arthur Hayes Buy
Yahoo Finance: 3 Token Unlocks to Watch in the First Week of August 2026