Arthur Hayes has accumulated 11.74 million Ethena (ENA) tokens over the past four days, with the most recent transaction adding 2.69 million tokens at an average purchase price of $0.087.
The buying precedes a scheduled unlock of $15.36 million in ENA, a supply event that will test whether demand can absorb new circulating tokens without compressing price.
Hayes' ENA accumulation runs alongside recent sales in other positions. He sold 520 ETH for approximately $977,600 at $1,880 per token, along with 6.16 million Synapse (SYN) and 132,730 Ether.fi (ETHFI) tokens.
On-chain data shows Hayes also purchased 6 million ENA on Aug. 3 and an additional 9.05 million ENA ahead of the unlock.
Ethena is a synthetic dollar protocol. Its USDe stablecoin is backed by delta-neutral derivatives positions, and the protocol offers a yield-bearing instrument it calls an internet bond. ENA is the governance token, giving holders voting rights over protocol parameters and the direction of the USDe ecosystem.
Hayes has previously sold positions at lower prices before rebuying at higher levels. His ENA accumulation follows that pattern—building size into a known supply event rather than stepping back from it.
