When the big players start quietly 'scooping up,' the corners of the market often hide the tickets to the next feast.
Blockchain heavyweight player, BitMEX co-founder Arthur Hayes has recently made significant moves! In the past 24 hours, he has invested $1.505 million, attacking in three ways, acquiring a total of 4.2 million ENA tokens. Specifically, how did he buy them? Simply put: 1. He sent 755,000 USDC to Binance and received 2.1 million ENA; 2. He transferred 248,000 USDC to the well-known market maker Wintermute and received 700,000 ENA; 3. He sent 502,000 USDC to the professional crypto financial service provider Galaxy Digital and received 1.4 million ENA. The core point is: Hayes is concentrating firepower to 'stock up' ENA through multiple channels.
Tang Seng's perspective and in-depth analysis: This is not just a whim of retail investors making small plays!
Hayes' actions reveal several key signals: Confidence vote is clear: As an industry veteran and capital giant, Hayes' actions themselves strongly endorse ENA and its underlying project Ethena Labs, which promotes the synthetic dollar protocol USDe. $1.5 million may not be a huge sum for him, but the concentrated, rapid, multi-channel buying method shows his clear bullish expectations and layout determination.
Channel choice hides secrets: Please note, he is not just placing orders on Binance but is also utilizing over-the-counter channels from Wintermute and Galaxy Digital. This usually means: either a single large amount requiring better liquidity and price execution; or a desire to minimize immediate impact on public market prices, quietly building positions. Either way, it indicates he is 'seriously' accumulating chips rather than engaging in short-term speculation.
Focusing on the 'stable yield' narrative: Ethena Labs' core product USDe provides on-chain 'stablecoin-like' assets and yields through a unique 'spot ETH staking + perpetual contract hedging' mechanism. Hayes' large-scale purchase of ENA (its governance and utility token) is likely a bet on the attractiveness and growth potential of the 'on-chain stable yield' sector in the current market environment. Especially in the context of rising expectations for interest rate cuts in traditional financial markets and the crypto market seeking stable yields, this narrative is highly appealing.
Think back, Hayes has always been known for his forward-looking strategies and precise 'top-ticking and bottom-fishing.' For example, during extreme market panic in 2022, he publicly favored MKR (MakerDAO governance token), which indeed saw a significant rebound later; even earlier, his precise involvement in the Solana ecosystem was highly rewarding. His choice of ENA this time is likely replicating his successful model of 'identifying value in early narratives and intervening at relatively low levels.'
Hayes' 'real gold and silver' has entered the market, and the focus is once again on ENA. Is this a case of a whale sensing undervalued opportunities, or is it the spark igniting a new wave of 'stable yield' excitement? Can ENA's price support these heavyweight expectations?
More importantly— as an ordinary investor, will you choose to wait and see, or will you delve into research and consider going with the trend? The market's answer may be hidden in Ethena Labs' upcoming data performance and the overall development of the stable yield sector. If you feel helpless or confused about trading right now and want to learn more about the cryptocurrency space and cutting-edge information, tap my avatar to follow me, and you won't get lost in this bull market!
