Key takeaways
- Ethena gains despite another large Arthur Hayes sale
- Hayes-linked wallets reportedly offloaded 28 million ENA tokens
- Traders monitor $0.20 support and $0.23 resistance
Ethena's ENA token climbed approximately 4% on October 26 despite fresh selling linked to BitMEX co-founder Arthur Hayes, who has been reducing his cryptocurrency exposure ahead of this week's Federal Reserve meeting.
ENA traded around $0.20-$0.21 during Monday's recovery after briefly falling below $0.19 over the weekend. The rebound came even as blockchain tracker Lookonchain identified another 14 million ENA tokens, worth approximately $2.73 million, moving from wallets associated with Hayes.
Arthur Hayes Sells $2.7M in ENA as Crypto Risks Mount
According to Lookonchain's October 25 report, Hayes-linked addresses transferred another 14 million ENA, valued at approximately $2.73 million.
The transaction followed an earlier batch of 14 million ENA, worth $2.76 million, identified on October 24.
Together, the two transfers represented approximately 28 million tokens valued near $5.5 million, although transfers to exchanges and trading firms do not independently establish the final execution prices.
Hayes confirmed on October 24 that he had closed the directional trading book at his Maelstrom family office, taking profits on Ethereum, ENA, Uniswap and other cryptocurrencies.
He cited uncertainty surrounding macroeconomic and geopolitical conditions and indicated he would remain on the sidelines until the outlook improved.
Lookonchain estimated that Hayes sold approximately $28.8 million in cryptocurrencies over 24 hours, recording around $6.65 million in profits, primarily from Ethereum and ENA.
The change contrasts with Hayes' September bullish forecast for Ethena, when he projected ENA could reach $0.50 before the end of 2026.
He had previously predicted a $1 ENA price and accumulated exposure to the token.
Why Is Ethena Price Rising Despite Whale Selling?
The recovery suggests buyers have absorbed at least some of the selling pressure, although no single confirmed catalyst explains Monday's price increase.
ENA's trading volume reached approximately $420 million during the rebound, making Hayes' latest $2.73 million transfer relatively small compared with overall daily activity.
Meanwhile, Ethena continues expanding distribution for its synthetic dollar, USDe, including new integration activity involving OKX's X Layer and Aave.
The ecosystem has previously attracted substantial investment, including a $530 million StablecoinX financing round aimed at acquiring ENA tokens.
Ethena's earlier World Liberty Financial collaboration also demonstrated efforts to expand USDe and sUSDe into additional decentralized finance applications.
However, growth in USDe adoption does not automatically translate into proportional buying of ENA.
Ethena Price Prediction: Can ENA Reclaim $0.23?
ENA's immediate technical outlook depends on whether buyers can maintain support around $0.20.
A sustained move above $0.21 could open the door to $0.23, followed by a possible recovery toward $0.25 if broader market sentiment improves.
Conversely, renewed selling below $0.20 could send ENA toward $0.18, particularly if the Federal Reserve's October 28 decision triggers additional volatility.
Ethena's longer-term investment case also depends on its USDe business and token economics. The protocol has previously expanded its acceptable collateral framework as it sought to diversify the assets supporting its synthetic dollar.
