Arthur Hayes Accumulates ENA Ahead of Major Token Unlock

Arthur Hayes has increased his Ethena holdings by purchasing 9.05 million ENA tokens over the last three days. On chain data confirms he spent roughly $773,000 on the acquisitions, which follows a recent move where he sold off his Synapse tokens to shift capital toward Ethena.

This buying spree comes right before a major event for the project. Ethena is scheduled to release 171.88 million ENA tokens on August 5. This upcoming unlock represents about 1.97 percent of the total circulating supply, and market participants are watching closely to see if current demand is strong enough to absorb the new coins without driving the price down.

Hayes is known for aggressive portfolio shifts, though his track record with timing is mixed. Observers have noted that his recent trading behavior often involves buying and selling at prices that result in quick losses. Similar patterns have appeared in his recent Ethereum trades, where he cycled through positions resulting in a net loss.

Whether this latest position in ENA pays off or faces downward pressure from the token unlock will become clear in the coming week. Historically, these events create short term volatility, so traders should keep a close eye on ENA price action after the August 5 release.