Ethena Maintains Uptrend Despite Major Sales by Arthur Hayes

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Ethena (ENA) continues to uphold its upward trend, even after prominent crypto investor Arthur Hayes sold a significant amount of ENA. Hayes announced his support for Ethena Labs and withdrew 9 million ENA from staking, sending 7 million ENA to Binance today.

Arthur Hayes’ Sales

In November, Hayes withdrew 16.79 million ENA from Binance, netting approximately $8.71 million in profit. Currently, Hayes holds 9.96 million ENA, with 7.94 million staked. Through strategic transactions, Hayes achieved a 78% return, continuing to sell despite the rising price of Ethena.

Ethena has shown relatively strong performance in the market, with an increase of 8.47% in the past 24 hours. While major cryptocurrencies like Bitcoin and Ethereum struggle, ENA’s value has steadily risen. After a substantial decline of 34.62%, ENA is currently trading at $1.08, with a market cap of approximately $3.17 billion, ranking 43rd.

Market Projections and Future Outlook

Crypto analyst Chill Trader posited that ENA could exhibit an increase of 85.34%. Chill Trader observed a bullish cup-and-handle formation in the ENA/USDT chart, indicating a support level at $0.94. If this level is maintained, ENA is expected to reach $2.15.

Furthermore, Ethena’s strategic partnerships with Donald Trump’s World Liberty Financial (WLFI) and investment giant BlackRock are enhancing ENA’s future potential. The partnership with WLFI enables the addition of the sUSDe stablecoin as collateral for the Aave-supported DeFi platform.

The collaboration with BlackRock focuses on risk management strategies, providing treasury investment returns in challenging markets. These partnerships are increasing institutional interest in Ethena, strengthening its position in the market.

Ethena’s expanding partnerships and the influence of a Trump-supported administration indicate a growing interest in ENA, suggesting the cryptocurrency will perform strongly in the near future. Ethena instills hope in its investors, demonstrating resilience in volatile market conditions. ENA’s solid fundamentals and supportive community offer a stable growth potential in the crypto market.

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