Arthur Hayes, a well-known crypto investor, executive, and influencer, is the co-founder of BitMEX and the Chief Investment Officer of his family office, Maelstrom Fund. Recently, Hayes made headlines by dumping over $10 million worth of the Ethena (ENA) cryptocurrency, a project that he has funded and supports. Data retrieved from Arkham Intelligence revealed that he received 9 million ENA from an Ethena smart contract on December 22 and deposited this amount to two centralized exchange addresses. He sent 7 million ENA, valued at $8.47 million, to Binance and 2 million ENA, worth $2.42 million, to an address associated with Bybit.
It is speculated that the amount Hayes dumped may have come from unstaking 9 million sENA from Ethena’s liquid staking protocol. This assumption is based on the fact that Hayes’s address had sENA activity worth $8.88 million a week prior to the transaction. Despite his recent dump, Arthur Hayes has been a strong supporter of Ethena. He played a role in inspiring the creation of USDe, a stablecoin project associated with Ethena, through a paper he wrote. Although Hayes suggested using Bitcoin automated trades instead of Staked Ethereum (sETH) like USDe, he has been an active supporter of the project, providing funding and advisory.
As of now, Hayes holds $36.44 million in his known addresses, with sENA being the third largest position at 7.919 million sENA, valued at $8.35 million. Additionally, he holds 18,580 ENA, worth $19,680. The recent dump of Ethena tokens by Hayes accounts for more than half of his entire ENA and sENA known position, sparking concerns in the market. This significant activity, coupled with the investor’s history of dumping Pendle (PENDLE) tokens after promoting them, has raised suspicions of potential insider trading or long-term repositioning.
The market will keep a close eye on Arthur Hayes’s addresses to gauge whether his recent actions are just opportunistic swing trading or indicative of a larger strategy. The investor’s support for Ethena and his significant holdings in the project make his recent dump a noteworthy event that could have broader implications for the market. With his reputation and influence in the crypto space, Hayes’s moves are closely monitored for potential market impact. As developments unfold, analysts will scrutinize his activities to gain insights into his investment strategies and motivations behind his recent actions.
In conclusion, Arthur Hayes’s recent dump of Ethena tokens has stirred up discussions within the crypto community, with many speculating on the reasons behind his actions. As a prominent figure in the industry, Hayes’s investment decisions are closely followed by market participants, who are keen to understand the implications of his moves. Whether his actions are driven by short-term profit-taking or reflect a larger shift in his investment strategy remains to be seen. As the crypto market continues to evolve, investors will continue to watch Hayes closely for any clues on future market trends and developments in the space.
