Renowned crypto influencer Arthur Hayes (@CryptoHayes) has made a significant shift in his trading strategy, offloading his position in $ATH (Aethir) at a loss and pivoting his focus to $ENA (Ethena).
According to reports, just few hours ago, Hayes spent 874.9 $ETH (approximately $2.8 million) to purchase 4.916 million $ENA tokens via the Wintermute Trading platform, making $ENA his second-largest holding.Â
This strategic move comes as Hayes seeks to adapt to the dynamic market conditions and align his portfolio with emerging opportunities.
$ENA Price Movement and Potential Rationale for Hayes’ Shift
The shift in Hayes’ trading focus coincides with a sharp 11% decline in the price of $ENA over the past 24 hours, dropping to the current price of $0.5837.
This market volatility has raised questions about whether Hayes is attempting to “catch the bottom” and capitalize on the dip.
With a circulating supply of 2.8 billion $ENA and a current market cap of $1.64 billion, the Ethena token has experienced significant fluctuations in recent market conditions, making it a potentially attractive target for a seasoned trader like Hayes.
Also Read: Deribit To Integrate Ethena’s USDe As Margin Collateral, ENA Price Surges Over 10%
$ATH Price Decline and Hayes’ Exit
Alongside his $ENA purchase, Hayes has also offloaded his position in $ATH (Aethir), with the token’s price declining by 5.02% in the last 24 hours, currently trading at $0.05707.
This move represents a loss for Hayes, who had previously held a significant position in the $ATH token, highlighting his willingness to make strategic adjustments to his portfolio in response to market trends.
Implications and Potential Strategies
The shift in Hayes’ trading focus from $ATH to $ENA, coupled with the recent price movements of both tokens, suggests that the influential crypto figure is actively managing his portfolio and adapting his strategies to the dynamic market conditions.
Whether this move is a calculated attempt to capitalize on the $ENA dip or a broader strategic realignment remains to be seen.
As one of the industry’s prominent voices, Hayes’ trading activities and market insights are closely monitored by the crypto community, and this latest development is likely to spark further discussions and analyses within the space, particularly around his potential rationale and long-term outlook.