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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The ETH/BTC ratio is also drawing attention, having increased by 30% over the past month. On May 14, it peaked at 0.02618, the highest in 10 weeks. It currently stands at approximately 0.02503, after dropping as low as 0.01766 in mid-April. 

Is a New Ethereum Rally Starting? 

Popular trader Daan Crypto Trades noted that ETH/BTC is moving sideways in the 0.022–0.026 range. He stated that a breakout above this level could provide new support for ALT/BTC pairs. 

“If you want to track how altcoins are performing against Bitcoin, one of the main indicators is the ETH/BTC chart,” he said. 

Michael van de Poppe expressed that Ethereum is preparing for a rally. The ETH/USD pair is trading above $2,400 on the six-hour chart, marking it as a strong support level. The resistance zone lies between $2,680 and $2,850. At $2,680, there is also the 200-day simple moving average, meaning breaking this level could pave the way for new highs. 

Daan Crypto Trades also reiterated that ETH/BTC is consolidating in the 0.022–0.026 range and that a breakout above this range should temporarily support ALT/BTC pairs. 

“One of the key factors in tracking how altcoins perform against BTC is the strength of the $ETH/BTC chart,” he commented. 

Rekt Capital emphasized the importance of the $2,500 level becoming a support zone. If Ethereum holds this area, a structure similar to the mid-2021 rally may form. Institutional interest in ETH is also increasing. Spot Ethereum ETFs have seen inflows for 12 consecutive days, indicating that institutions are turning to Ethereum. 

According to CoinShares data, Ethereum investment products saw inflows of $321 million last week—the strongest weekly increase since December 2024. Meanwhile, Bitcoin ETPs experienced $8 million in outflows, ending BTC’s six-week streak of $9.6 billion in total inflows. 

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