Arthur Hayes Makes Massive ENA Purchase as Ethena Nears $15 Million Unlock

TL;DR

• Arthur Hayes bought 9.05 million ENA worth about $773,000 across two purchases completed over three days shortly before Ethena’s August 5 token unlock.
• Ethena will release 171.88 million ENA valued near $15.36 million, equal to roughly 1.97% of circulating token supply, after an 11% rebound.
• Hayes has previously sold ENA and ETH at losses before rebuying higher, making his latest purchase another test of his volatile trading timing.

Arthur Hayes has purchased 9.05 million Ethena tokens over three days, spending about $773,000 just before a sizable supply event. On Monday, the BitMEX co-founder bought 6 million ENA for $525,000 at an average price near $0.09, after acquiring another 3.05 million tokens for $248,000 two days earlier. The timing places Hayes directly in front of an unlock that could test whether buyers can absorb new supply. His move looks bullish, yet it arrives when additional tokens may introduce short-term selling pressure and unsettle a recovery still developing across the altcoin market.

Arthur Hayes (@CryptoHayes) bought another 6M $ENA($525K) at an average price of $0.09.https://t.co/0pDr0YU4Wr pic.twitter.com/klPaECtrEI

— Lookonchain (@lookonchain) August 3, 2026

Hayes’ trading history complicates the bullish signal

Ethena is scheduled to release 171.88 million ENA on August 5, a tranche valued at approximately $15.36 million and equal to about 1.97% of the circulating supply. ENA had gained around 11% over two weeks after reaching a record low in June. The approaching unlock creates a contradiction between improving momentum and a predictable expansion in available tokens. History offers little certainty: across 11 monthly unlocks, ENA moved less than 1% on the median release day, but declined during the following week in seven cases, suggesting pressure may emerge after tokens reach major trading venues.

Hayes partly funded his latest rotation by selling 6.16 million Synapse tokens for about $658,000. The transaction extends a pattern of shifting capital between crypto assets, sometimes at uncomfortable prices. Earlier data showed he bought 15.8 million ENA at $0.23 and later sold 3.6 million at $0.14. His history with ENA makes the new purchase notable for both conviction and questionable timing. Another tracked episode showed Hayes selling 5.02 million ENA near $0.275, then buying 873,671 tokens around $0.281 only two weeks later, underscoring how quickly his positioning can reverse in volatile markets.

His recent Ethereum trading activity displayed a similar costly sequence. Hayes sent 2.5 million USDC to Galaxy Digital and received 1,337 ETH at $1,869 on Monday, two days after selling 2,364 ETH through Cumberland and Galaxy Digital at $1,821. That earlier transaction locked in a reported $241,000 loss, equal to 5.3%. The ENA purchase therefore fits a wider pattern of rapid exits and reentries rather than a simple long-term accumulation strategy. Whether the August 5 unlock pressures his newest position or passes with limited disruption should become clear very soon.