Ethena (ENA), $15.36 Million Supply Dump Anticipated... Arthur Hayes is 'Sweeping Up'

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Arthur Hayes, co-founder of BitMEX, purchased 9.05 million Ethena (ENA) tokens ahead of a large-scale token unlock. His past trading history of selling at low prices and buying back at higher prices also garnered renewed attention.

According to crypto media outlet BeInCrypto on August 3 (local time), Hayes invested $773,000 over the past three days to acquire 9.05 million ENA. On Monday, he bought 6 million ENA for $525,000 at an average price of $0.09. Two days prior, he purchased 3.05 million ENA worth $248,000.

During his second purchase, Hayes sold 6.16 million Synapse (SYN) tokens from the DeFi protocol for $658,000. He rebalanced his portfolio by allocating part of the Synapse sale proceeds to buy Ethena. Ethena has rebounded by approximately 11% in the past two weeks after hitting an all-time low in June.

Ethena is scheduled to release 171.88 million ENA into the market on August 5. The unlocked volume amounts to $15.36 million, representing approximately 1.97% of the current circulating supply. BeInCrypto's analysis of 11 previous monthly unlocks showed that the median price volatility on the day of the unlock was less than 1%. In the week following the unlock, prices fell in 7 out of 11 instances.

In February, Hayes purchased 15.8 million ENA at an average of $0.23, then sold 3.6 million ENA of that amount at $0.14. In November 2025, he sold 5.02 million ENA at $0.275 and repurchased 873,671 ENA two weeks later at $0.281.

Similar movements were observed in Ethereum (ETH) transactions. Hayes sold 2,364 ETH at $1,821 per unit, realizing a loss of $241,000, or 5.3%. Two days later, he paid 2.5 million USDC to repurchase 1,337 ETH at $1,869 per unit.

[Article Key Summary]

-Arthur Hayes purchased 9.05 million ENA tokens, worth $773,000, ahead of the Ethena token unlock.

-Ethena is scheduled to release 171.88 million ENA, representing 1.97% of its circulating supply, into the market on August 5.

-Hayes has a history of selling Ethena and Ethereum at lower prices and then repurchasing them at higher prices.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*