Yeliz Akmaca 
One of the leading names in the crypto world, Arthur Hayes, made a notable investment move. The BitMEX co-founder bought $1.505 million worth of Ethena (ENA) tokens when the price dropped to $0.22. His move came right after Upbit, Korea’s largest exchange, listed ENA.
On-chain analytics platform @EmberCN shared the data with the public. According to the report, Hayes purchased a total of 4.2 million ENA tokens across multiple platforms within 24 hours.
Following Hayes’ accumulation, the ENA token price surged to $0.33. This upward move sparked increased interest in the project. Hayes’ similar past actions have proven impactful on the market. As a result, his recent move is seen as a signal of a potential new altcoin season.
Hayes Collected ENA Tokens from 3 Major Platforms
Tracking Hayes’ wallet activity reveals that he first sent 755,000 USDC to Binance, where he received 2.1 million ENA. Then, he transferred 248,000 USDC to Wintermute and received 700,000 ENA. Finally, he sent 502,000 USDC to Galaxy Digital, acquiring another 1.4 million ENA.
All these transactions happened in a single day. Hayes’ use of multiple platforms shows strong confidence in the project and hints at a long-term investment strategy. The total purchase added up to $1.505 million.
Moreover, Hayes recently shared his expectations for a massive altcoin rally, led by Ethereum. His investment in ENA reflects that strategic outlook.
$ENA listed on largest Korean exchange. It's time for liftoff!
Yachtzee 😍😍😍😍😍😍😍😍 pic.twitter.com/6V4FeUiYmq
— Arthur Hayes (@CryptoHayes) July 11, 2025
ENA Token Surged After Upbit Listing
Upbit, South Korea’s largest crypto exchange, listed ENA on KRW, BTC, and USDT pairs. The listing led to a 20% price increase. Hayes commented on the development on X, stating: “ENA listed on largest Korean exchange. It’s time for liftoff!”
Furthermore, Ethena dominates the synthetic dollar market with an 81% share. According to Conor Ryder, Head of Research, the platform could potentially generate over $1 billion in revenue.
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