Which Altcoins Are Included?

The list of assets covered in Bitwise’s ETF filings reflects a diverse cross-section of the crypto ecosystem. Rather than concentrating on a single narrative, the selection spans decentralized finance, Layer-1 infrastructure, privacy-focused networks, and emerging blockchain technologies.

The altcoins included in the applications are:

• Aave (AAVE)

• Uniswap (UNI)

• Zcash (ZEC)

• Canton (CC)

• Ethena (ENA)

• Hyperliquid (HYPE)

• Near (NEAR)

• Starknet (STRK)

• Sui (SUI)

• Bittensor (TAO)

• Tron (TRX)

This broad asset mix highlights Bitwise’s intention to capture multiple growth segments within the digital asset market rather than betting on a single category.

Why Spot Altcoin ETFs Matter

Spot ETFs allow investors to gain exposure to crypto assets through regulated financial products without the need to directly hold or custody tokens. For institutional investors, family offices, and traditional funds, this structure reduces operational complexity while aligning with existing compliance frameworks.

By extending ETF applications to altcoins, Bitwise is effectively acknowledging that institutional demand is evolving. The market is no longer limited to flagship assets, and alternative blockchain networks are increasingly viewed as investable instruments within a diversified portfolio.

Potential Market Impact

If approved, these ETFs could contribute to increased liquidity and broader market participation for the underlying assets. Easier access through traditional investment channels may also support more efficient price discovery over time.

In addition, Bitwise’s initiative could encourage other asset managers to pursue similar products, accelerating competition and innovation in crypto-based financial instruments.

A New Phase of Institutional Adoption

This development points to a new stage in institutional crypto adoption—one where altcoins are no longer peripheral but actively considered within structured investment products. As ETF offerings expand and diversify, digital assets may continue to solidify their position within global financial markets.

While regulatory outcomes remain uncertain, Bitwise’s move is a clear signal that the long-term potential of the altcoin market is gaining serious institutional recognition.

This content does not constitute investment advice. Cryptocurrency markets involve significant risk, and investors should conduct their own research before making any financial decisions.

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Hayes Begins First Major Sell-Off in the Early Hours

According to on-chain analytics platforms, Arthur Hayes initiated a significant wave of transfers early this morning. The tokens leaving his wallet were sent to institutional market makers such as Flowdesk, FalconX, and Wintermute—entities generally known to receive tokens for selling.

In the first batch, Hayes offloaded:

• 520 ETH (~$1.66M)
• 624M ENA (~$730K)
• 132K ETHFI (~$120K)

Following these transactions, a visible reduction was observed in Hayes’ portfolio.

Second Wave: Another Sell-Off One Hour Later

About an hour after the initial sell-off, Hayes executed a second and even larger dump. This time, he transferred a total of approximately $2.45M in assets.

Tokens sold in the second wave:

• 260 ETH (~$820K)
• 40M ENA (~$657K)
• 640K LDO (~$480K)
• 1,630 AAVE (~$290K)
• 28,670 UNI (~$211K)

These additional transfers significantly increased the day’s total dump volume and quickly became one of the most discussed events in the crypto community. Although Hayes recently made positive remarks about Zcash (ZEC), it is currently unknown whether he holds or has sold any ZEC—raising curiosity and speculation across social media.

4.7M USD in ETH Sold in the Last Two Days — A Historical Parallel

According to Lookonchain, Hayes has sold $4.7 million worth of ETH in just the last 48 hours. A notable historical detail caught analysts’ attention:

• Hayes last sold ETH on August 1st
• ETH was near a bottom at that time
• 9 days later, ETH surged significantly

This sparked renewed debate over Hayes’ tendency to sell close to short-term bottoms.

Assets Transferred in the Last 24 Hours

On-chain tracking tools confirm that Hayes transferred the following amounts to FalconX and Wintermute within the last 24 hours:

• 520 ETH (~$1.64M)
• 82M ENA (~$1.04M)
• 640K LDO (~$480K)
• 28K UNI (~$208K)
• 132K AAVE (~$289K)
• 132K ETHFI (~$125K)

In total, over $4 million in assets have left Hayes’ portfolio within a single day. Additionally, after these sales, 820K USDC moved from Binance and Wintermute wallets into Hayes’ wallet—further confirming the likelihood that the tokens were indeed sold. Hayes has not yet issued any official statement regarding these movements.

How Do Hayes’ Sales Affect the Market?

Arthur Hayes is known for his sudden moves and outsized influence in the crypto markets. Today’s sell-offs could:

• Create short-term volatility in low-liquidity altcoins
• Increase selling pressure on ENA, LDO, ETHFI, and similar assets
• Add volume-driven pressure to ETH

According to experts, large whale movements especially from a figure like Hayes—can swiftly impact market sentiment. However, there is still speculation about Hayes’ broader strategy: Is he freeing liquidity to buy other assets—possibly ZEC, which he has praised recently? For now, the market continues to monitor Hayes’ wallet closely.

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The total value of these transfers is estimated at around $20.41 million. While the purpose behind these fund movements remains unclear, the crypto community has interpreted the move as either a “confidence boost” or a potential “insider accumulation signal.”

Strong Reaction in ENA Price: Up 12%

Following the reported buying activity linked to the founder, the ENA token has surged 12% in the past 24 hours. The token’s market capitalization has reached $3.24 billion, while USDe, the stablecoin tied to the Ethena ecosystem, has surpassed $12 billion in market value, marking a new record.

“Founder-led purchases typically boost investor confidence. The market often interprets such insider moves as positive price signals.”
— On-chain Analyst, CryptoQuant Asia

This upward momentum has brought renewed optimism to the ENA price chart, which had shown signs of stagnation in recent weeks.

On-Chain Activity Extends Beyond Ethena

Blockchain data reveals that the surge in activity isn’t limited to Ethena (ENA) several major tokens have also seen significant movements. A newly created wallet withdrew 744,604 Chainlink (LINK) tokens from Binance, a transaction valued at roughly $12.48 million.

In another large move, a crypto whale sold 2.227 billion PEPE tokens, earning 394 ETH (approximately $1.51 million). However, on-chain data shows the investor incurred a loss of around $1.02 million from the sale. The whale then converted the acquired ETH into 147 million USDT and deposited it into the decentralized exchange Aster.

Investors Track the “Founder Buy” Signal

According to crypto analysts, purchases made by founders or team-linked wallets are often seen as confidence-restoring actions within a project. In the case of Ethena, founder Guy Young’s large-scale accumulation has been interpreted as a sign of renewed trust in the project’s future. However, some analysts caution that major founder transactions can sometimes indicate potential price manipulation, urging investors to remain vigilant.

The 48 million ENA purchase linked to Guy Young has made a major impact across the market, not only fueling ENA’s recovery rally but also increasing overall on-chain activity. Now, investors are watching closely to see whether this move marks the beginning of a long-term strategic accumulation or merely a short-term position adjustment.

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JupUSD: Powered by Ethena’s Stablecoin-as-a-Service Platform

JupUSD is developed using Ethena’s Stablecoin-as-a-Service (SCaaS) infrastructure, positioning it as a native stablecoin with strong integration potential. The token is designed to connect seamlessly with Jupiter’s ecosystem, enhancing liquidity and expanding its use across the platform.

Full Integration Across the Jupiter Stack

JupUSD will play a central role within Jupiter’s platform products:

• Jupiter Perps: Approximately $750 million in stablecoins within JLP will gradually transition to JupUSD.

• Jupiter Lend: The stablecoin will serve as a cornerstone lending asset within the platform.

This integration places JupUSD at the center of Solana’s DeFi landscape, facilitating both trading and lending activities.

Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena's Stablecoin-as-a-Service stack.

JupUSD will plug into every major part of the Jupiter stack, including:

– Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be… pic.twitter.com/jlNLc2eNCz

— Ethena Labs (@ethena_labs) October 8, 2025

Backing and Security

Currently under development, JupUSD is expected to go live in the coming months. Initially, it will be backed by USDtb, which itself is nearly fully supported by Blackrock’s BUIDL fund. In the future, the collateral framework may expand to include assets such as USDe.

The Latest Addition to Ethena’s Whitelabel Program

JupUSD is the newest stablecoin emerging from Ethena’s Whitelabel SCaaS product line. With this launch, Jupiter joins a select group of Tier-1 protocols and blockchains participating in the program, further solidifying its presence in the Solana ecosystem.

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Ethena Announced: High Yield and Low Costs with USDe

Through this partnership, users will gain access to several key benefits:

• Up to 5% APY on USDe holdings

• Zero fees on USDe-to-fiat conversions

• Seamless access across iOS, Android, and web platforms

In the coming weeks, Ethena and UR will also roll out direct USDe spending via a Mastercard debit card, making it possible to use USDe as easily as traditional money.

We are excited to announce that Ethena has partnered with @UR_Global to bring USDe to everyday finance across 45+ countries via their neobank:

• Up to 5% APY on USDe holdings
• Zero off-ramp fees for USDe-to-fiat conversion
• Available on iOS, Android and web

With direct… https://t.co/mUkhTlqAHn pic.twitter.com/IeESxPFTNI

— Ethena Labs (@ethena_labs) October 7, 2025

UR: Bridging Crypto and Traditional Finance

UR provides a unified account for both crypto and fiat assets, giving users the ability to manage their finances more efficiently. With low-cost global transfers, multi-currency fiat conversions, and integration with Apple Pay and Google Pay, UR simplifies everyday financial management.

Pro Membership Benefits

As part of its launch campaign, UR is offering a limited-time complimentary upgrade to Pro membership. This premium package includes:

• Zero off-ramp fees

• Zero bank transfer fees

• Higher monthly transaction limits

Ethena Partnership: USDe as a Savings Tool

One of the most notable aspects of this collaboration is the ability for users to earn up to 5% APY on USDe held in UR wallets. Thanks to Ethena’s involvement, USDe becomes not only a medium of exchange but also a powerful savings and investment instrument.

Redefining the Future of Finance

The Ethena and UR Global partnership underscores the ongoing convergence of DeFi and traditional banking. By combining transparency, low costs, and user ownership, UR is bringing back the freedom that money was always meant to embody. Now fully launched across more than 45 countries, UR represents a new era of financial empowerment for users worldwide.

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What Happened on the First Day of TOKEN2049?

Maelstrom Launches Private Equity Arm: “Maelstrom Equity”

Arthur Hayes, co-founder of BitMEX, used the stage at TOKEN2049 to unveil a new division under his family office: Maelstrom Equity. For the first time, the firm will accept external institutional capital, targeting both majority and minority stakes in crypto and crypto-adjacent companies.

With a focus on businesses facing liquidity challenges or those primed for transformational growth, Maelstrom is expanding beyond venture and liquid markets into buyouts and growth equity. This move positions the firm to play a pivotal role in reshaping mature verticals within the crypto ecosystem.

KuCoin Rebrands With a New Identity: “Trust First. Trade Next.”

Global exchange KuCoin introduced its refreshed brand identity at TOKEN2049, centered around the principle “Trust First. Trade Next.”

Originally launched in 2017 as “the crypto exchange for everyone,” KuCoin now positions itself as “the crypto partner you can trust.” The updated visual identity reflects its core ethos of security, transparency, and accessibility, aiming to reinforce trust during periods of market volatility while strengthening its global appeal.

MEXC Ventures Commits $30M to Ethena’s ENA

Another key headline from Day One came from MEXC Ventures, which announced its second strategic investment in ENA, the governance token of the Ethena protocol. This brings its total commitment to $30 million.

When combined with a previous $16 million investment and a $20 million USDe acquisition, MEXC’s total exposure to the Ethena ecosystem now stands at $66 million. According to Cecilia Hsueh, Chief Strategy Officer at MEXC, the firm’s approach extends far beyond capital deployment, aiming to integrate operational synergies and project-level support to accelerate ecosystem growth.

Tether Gold (XAUt) Goes Live on Celo

Tether Gold (XAUt) has officially launched on the Celo network, expanding access to tokenized gold across more than 150 countries.

The addition complements Celo’s existing integration of USDT, which has already been used in over 119 million transactions as a gas currency. With XAUt now live, users within the Celo ecosystem gain seamless access to one of the oldest stores of value, bridging traditional assets with blockchain infrastructure.

Celo Introduces Nightfall Privacy Layer for Enterprise Payments

The Celo Foundation also announced the deployment of Nightfall, an open-source zero-knowledge privacy layer built by EY. Now live as a Layer 3 on Celo, Nightfall represents the first time a payments-focused blockchain has adopted this technology.

Nightfall leverages ZK proofs and ZK-ZK rollups to deliver private, auditable transactions at a fraction of traditional costs. The solution is designed for B2B payments, supply chain finance, and other enterprise use cases where confidentiality and efficiency are mission-critical.

A Strong Start to a Landmark Event!

Even on its first day, TOKEN2049 demonstrated why it remains the epicenter of the crypto world. From major equity announcements and rebranding strategies to significant investments and technical innovations, the event is shaping the conversation around both the current state and future trajectory of digital assets.

As the week continues, participants can expect even more high-profile panels, product launches, and strategic collaborations. TOKEN2049 has once again proven to be more than just a conference—it is where the next chapter of the crypto industry is written.

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What is Ethena (ENA)?

Ethena provides a crypto-native, scalable money solution with its synthetic dollar, USDe, backed by spot assets through delta-hedging with perpetual futures contracts and liquid stablecoins (USDC, USDT). USDe maintains a relatively stable value with reference to spot crypto assets and futures positions; liquid stablecoins enhance delta-hedging efficiency and offer protection in bear markets. sUSDe is the reward-accruing version of USDe, sharing protocol revenue through staking.

In 2024, BTC funding rates averaged 11%, ETH 12.6%; sUSDe APY averaged 19%. Ethena offers an alternative to USD stablecoins in the stablecoin market; in Q2 2024, stablecoins settled $8.5 trillion on-chain. Stablecoins account for 90% of spot/futures trading and over 70% of on-chain settlements, making them one of the largest crypto assets.

Centralized stablecoins (USDC, USDT) carry traditional finance risks; overcollateralized stablecoins are tied to Ethereum leverage demand; algorithmic stablecoins show mechanism fragility. Ethena creates a scalable dollar via derivatives, offering a $20 billion+ opportunity across DeFi, CeFi, and TradFi.

Ethena (ENA)’s Purpose

Ethena captures crypto’s largest opportunity with a crypto-native synthetic dollar and the first “internet bond,” inspired by Arthur Hayes’ “Dust on Crust” vision in March 2023. Stablecoins are crypto’s core instrument, with over 100 million users, proven product-market fit, the largest addressable market, and revenue potential. USDe reduces reliance on traditional banking rails, offering an alternative to fiat-backed centralized stablecoins.

Ethena integrates stablecoins across DeFi, CeFi, and TradFi, providing a reward-bearing dollar with sUSDe. Its network grows with members like Ethereal (perp/spot exchange), Strata (perp risk tranching), Terminal (spot exchange), Echelon (universal lending), and Derive (options/structured products); sENA accrues ecosystem token airdrops in a BNB-like model.

How Ethena (ENA) Works

USDe is backed by spot assets with on-chain custody and centralized liquidity venues, using delta-neutral hedging to manage spot asset risk with perpetual futures contracts. Example: A whitelisted user provides ~$100 USDT and receives ~100 USDe; the protocol opens a short perpetual position of the same notional value. Backing assets are transferred to “Off Exchange Settlement” solutions, flowing between custody and exchange only for funding or realized P&L.

Delta Neutrality: Backing asset price risk is hedged with a short position; changes in backing asset value are offset 1:1 by the hedge. USDe requires 1:1 collateralization.

Off Exchange Custody: Backing assets are held in institutional-grade solutions, minimizing exchange risk.

Protocol Rewards: sUSDe is obtained by staking USDe, earning from three sources: perpetual futures funding, system usage, and future integrations.

Staking USDe: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sUSDe/USDe is atomically swapped. Holding sUSDe is sufficient; rewards accrue in the staking contract, increasing sUSDe value. Unstaking has a 7-day cooldown; early sUSDe/USDe ratio is 1:1, increasing with rewards. Token vault mechanism (similar to Rocketpool’s rETH); staked amount may grow.

Staking ENA: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sENA/ENA is atomically swapped. Holding sENA is sufficient; rewards accrue in the staking contract, increasing sENA value. Unstaking has a 7-day cooldown + sENA unstake cooldown. In late 2024/early 2025, unclaimed Season 1 airdrop ENA was distributed; as of September 2025, no distributions are active or announced.

Position Locking: Lock/unlock via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, the cooldown begins. After the cooldown, a “Withdraw” transaction is signed and confirmed to receive tokens. USDe has a 7-day cooldown, sENA has a 7-day cooldown + unstake cooldown, LP tokens have a 21-day cooldown (some LP tokens immediate).

ENA Governance: ENA governs the Ethena protocol and critical decisions; biannual Risk Committee elections and future additional committees. ENA holders delegate daily decisions to expert stakeholders; Snapshot forum and voting page. Risk Committee: Kairos Research, Llama Risk, Ethena Labs Research, Steakhouse Financial, Blockworks Advisory, Credio (Untangled). sENA holders vote on ENA tokenomics and ENA-specific proposals. The community voted on Ethereal, SOL backing, and Reserve Fund RWA allocations; BlackRock BUIDL received the highest allocation.

sENA Rewards: sENA is the liquid receipt token for locking ENA, composable in DeFi. It receives unclaimed Season 2 airdrop ENA, rewarding users aligned with long-term growth. It earns rewards from Ethereal and Ethena Network members; Ethereal commits 15% of future token supply to sENA. Rewards page for details.

Restaked ENA: Generalized restaking pools with Symbiotic; sENA provides economic security for USDe cross-chain transfers via LayerZero DVN messaging. First layer for Ethena Network and on-chain financial applications.

Ethena (ENA) Tokenomics

ENA is the Ethena protocol governance token. Total supply: 15 billion.

Allocation:

• 30% Core Contributors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Investors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Foundation (expanding USDe reach, development, risk assessments, audits),

• 20% Ecosystem Development and Airdrops (10% Season 1/2 airdrop, remainder for cross-chain initiatives, exchange partnerships; DAO multisig).

Core Contributors and Investors unlock began at ENA TGE on March 5, 2024.

Ethena (ENA) Investors

Ethena raised $136.5 million (valuation $300 million). Tier 1: Dragonfly, Polychain Capital, Pantera Capital, YZi Labs, Galaxy, Delphi Ventures. Tier 2: OKX Ventures, GSR, Hashed, CMT Digital, Mirana Ventures, Wintermute, Nascent, MEXC Ventures. Tier 3: Maelstrom, HTX Ventures, Foresight Ventures, Castle Island Ventures, Brevan Howard Digital, Strobe Ventures, Franklin Templeton Investments, Faction, Gemini, No Limit Holdings, Avon Ventures, Deribit. Tier 4: F-Prime Capital. Others: Anthony Sassano, Cobie, Nic Carter.

Ethena (ENA) Team

Ethena team: Guy Young (Founder), Zach Rosenberg (General Counsel), Conor Ryder (Head of Research), Elliot Parker (Head of PM), Brian Grosso (Head of Engineering), Seraphim Czecker (Head of Growth).

Official Links

• Website
• X (Twitter)
• Whitepaper

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Ethena (ENA) Rises Amid Buyback Program

Ethena (ENA) price surged 30% in August while exchange reserves dropped by 150 million ENA. This decline coincided with Ethena Foundation’s $260 million buyback program, which purchases around 5 million ENA daily. 

Ethena’s revenue exceeded $500 million, and the USDe supply reached a record level. These developments strengthen investor confidence, making long-term holding more attractive. 

BIO Protocol and Demand Driven by Staking

BIO Protocol, a prominent project in the DeSci sector, rose 265% in August. During this period, exchange reserves fell from 380 million BIO to 294 million BIO, a significant 22% drop. In the third week, investors withdrew 42 million BIO in just one week. 

BIO’s staking program accumulated 25 million tokens, and Arthur Hayes’ $1 million investment drew attention to the project. Additionally, the BioXP reward system encourages users to promote the project on social media, further boosting interest and accumulation. 

API3 and Momentum in the Oracle Sector

API3 rose 130% in August, and exchange reserves fell to their lowest level of the year. In the third week, 9 million API3 tokens were withdrawn, bringing reserves down to 17.19 million. The Upbit listing contributed to this surge. 

The oracle sector in general attracted investor focus. Chainlink’s (LINK) rally highlighted similar projects. According to Artemis data, August was the best-performing period for oracle projects. API3 accumulation helped stabilize the price above $1.50. 

These three altcoins demonstrated a selective altcoin rally in August. Buyback programs, staking incentives, and listings were key factors driving investor interest. In summary, ENA, BIO, and API3 showed strong accumulation signals alongside declining exchange reserves. 

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What is Ethena’s Liquid Leverage?

Liquid Leverage, developed by Ethena Labs, allows users to deposit a balanced mix of sUSDe and USDe tokens—50% each—into Aave. By doing so, users can earn additional promotional rewards on USDe, which currently offers approximately 12% APY, alongside the standard USDe lending rate and the native APY of sUSDe.

Eligibility for Liquid Leverage Rewards

To qualify for the Liquid Leverage rewards on USDe deposits, users must meet the following criteria:

• Deposit both sUSDe and USDe, with rewards capped to 50% of the USDe supplied (any additional USDe will not earn rewards).

• Borrow stablecoins such as USDC, USDT, or USDS—borrowing USDe itself disqualifies rewards.

• Execute at least one “loop” transaction, meaning borrowing stablecoins against sUSDe and USDe and then redepositing those assets back into Aave.

Ethena Labs recommends utilizing Aave’s sUSDe e-mode, which now accepts both USDe and sUSDe as collateral, improving capital efficiency starting from the launch date.

Key Innovations of Liquid Leverage

One of the main issues sUSDe users faced before was the mandatory 7-day unstaking cooldown. Liquid Leverage addresses this by maintaining at least half of the user’s position in sUSDe while allowing the USDe portion to provide flexibility and risk management.

Rewards and Earnings

Eligible users can claim their Liquid Leverage rewards via the Merkl.xyz platform. The first rewards claim will be available approximately one week after integration launch, with subsequent claims possible every 8 to 12 hours.

Additionally, the current USDe Ethena rewards rate will be adjusted after one month for most money market integrations. Users who loop sUSDe and USDe/eUSDe PT tokens while holding the underlying Yield Token (YT) position will also earn points on their YTs.

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The ENA Buyback Program

As StablecoinX Inc. prepares to list its Class A shares on the Nasdaq Global Market under the ticker “USDE”, the firm has allocated $260 million in cash reserves to purchase locked ENA tokens directly from the Ethena Foundation. Excluding certain operational costs, these funds will be used exclusively to repurchase ENA tokens from public exchanges via third-party market makers.

The buyback is set to occur over a six-week period, with an average daily purchase of $5 million. Based on current prices, this represents nearly 8% of the circulating supply — a substantial move that’s catching the attention of investors and analysts alike.

Adding to the bullish sentiment, the Ethena Foundation retains veto power over any future sale of ENA tokens by StablecoinX, ensuring long-term holding and value preservation. The treasury strategy is part of a broader multi-year plan to capitalize on the rising demand for digital dollars and stablecoins, ultimately aiming to increase ENA per share value over time.

ENA Price Action and Market Outlook

Following the announcement, ENA surged to $0.53, posting an impressive 7.43% daily gain. The sharp uptick in price highlights renewed investor confidence and could signal the beginning of a sustained upward trend.

This structured and prolonged accumulation by market makers is expected to provide strong technical support for ENA. In the short to medium term, this could stimulate further bullish momentum, particularly if trading volume and long positions continue to rise.

Market participants should closely monitor the impact of this buyback on ENA’s volatility and liquidity in the coming weeks. The move also sets a precedent for how tokenized equity strategies might influence price action in the evolving altcoin space.

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