Legendary trader Arthur Hayes splurges 10 million to increase his holdings in ENA, calling for a surge to 1.5 US dollars.

Legendary trader and Maelstrom Fund Chief Investment Officer Arthur Hayes has once again heavily invested in Ethena (ENA) and stated that technical indicators have shown reversal signals, with a target price aimed directly at $1.50. Meanwhile, StablecoinX has invested $530 million to increase its stake in ENA, coupled with a buyback plan, causing bullish market sentiment to rapidly heat up.

Arthur Hayes crazy buying ENA

(Source: Arkham)

According to Lookonchain data, in the past 8 hours, Hayes spent 1.02 million USDC to purchase 1.34 million ENA, bringing the total holdings to 4.45 million, with a market value of approximately 3.48 million dollars.

This is not an isolated operation—over the past 5 days, he has also increased his holdings by 1,750 ETH ($7.43 million), 58,631 HYPE, 1.29 million LDO, and 184,610 PENDLE, indicating that his portfolio is highly concentrated in the Ethereum ecosystem and DeFi tokens.

Hayes' connection with ENA dates back to November 2024, when he withdrew 10.36 million ENA (worth 7.49 million USD) from Binance and locked in about 1.14 million USD in profits. Now, he continues to buy during the pullback period, betting on a new bullish market cycle.

Call to action ENA impacts 1.50 USD

Hayes posted on X (formerly Twitter) that the green doji on the chart has halted the downtrend and opened up a reversal opportunity.

The current ENA price has increased by 9.94% in the last 24 hours to a market cap of $5.77 billion, with trading volume surging by 135.27%, indicating that both individual and institutional funds are pouring in simultaneously.

If the current trend continues, he believes that ENA has a complete opportunity to break through the psychological barrier of 1.50 dollars.

StablecoinX $530 million investment in ENA

Along with Hayes's increase in holdings, StablecoinX Inc. announced an additional $530 million in PIPE funding, bringing the total PIPE funding amount to $895 million, with plans to acquire over 3 billion ENA, becoming one of the largest shareholders in the Ethena ecosystem.

The Ethena Foundation also announced that it will launch a $310 million ENA buyback plan in the next 6–8 weeks and will flexibly adjust through third-party market makers:

1. ENA above 0.70 USD: Daily repurchase of 5 million USD

2. ENA below $0.70 or a daily drop of over 5%: Daily repurchase amount doubles to $10 million.

The PIPE capital and buyback plan will absorb approximately 13% of the circulating ENA supply, significantly reducing market selling pressure.

Supply and demand structure has improved comprehensively

The Ethena Foundation has a veto power over the sale of ENA for StablecoinX, ensuring that the interests of both parties are aligned.

This means that, with Hayes's continued accumulation, the massive influx of StablecoinX, and the foundation's buyback support, the market supply and demand structure of ENA is rapidly shifting towards bullish.

Conclusion

Arthur Hayes's "heavy position + bullish" signal, combined with the capital firepower of StablecoinX and the buyback plan of the Ethena Foundation, has made ENA one of the most关注 tokens in the recent crypto market. If the technical analysis breaks through key resistance, $1.50 may just be the starting point for a new round of pump.