Arthur Hayes just dropped another $246,000 into Ethena tokens. Over the past four days, the BitMEX founder has accumulated 11.74 million ENA coins, buying at an average price near $0.087. That kind of consistent buying from a heavyweight investor sends a signal through the market, and traders are paying attention.
The price action itself tells a story. ENA broke its long-term downtrend and has been consolidating above a key support zone, absorbing selling pressure without collapsing. Currently trading around $0.09184 with $110 million in daily volume, the token is sitting on what analysts call a strong foundation. The calm here matters more than a sharp spike would.
Path to $0.3613 Opens If Momentum Holds
Crypto analyst The Boss flagged that ENA cleared a descending trendline, which typically means the bears are losing control. The token has entered a steady accumulation phase instead of chasing quick gains. Buyers keep showing up at support levels, which is exactly the kind of behavior that precedes bigger moves.
If the breakout confirms, resistance sits at $0.1397, then $0.1990, $0.2775, and finally $0.3613. Hayes' continued buying suggests he believes the token can reach those levels. His conviction is worth noting because his trades often move sentiment faster than price does.
ENA is up on the momentum, with Hayes' accumulation reinforcing the bullish case among traders.
