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Ethena Price Shoots 20% Amid Heavy ENA Accumulation by Arthur Hayes
Bitmex co-founder Arthur Hayes is on an ENA accumulation spree driving more than 22% Ethena price gains in the last 24 hours. This comes as Hayes is reportedly moving all of his Aethir (ATH) holdings to Ethena (ENA) as part of portfolio reshuffling, after making heavy losses in ATH.
Ethena Price Skyrockets on Arthur Hayes Buying Spree
As of press time, ENA price is trading 22.50% up at $0.7502 with its market cap soaring all the way to $2.13 billion. In the last two days, Hayes made notable withdrawals of ENA from crypto exchange Binance, showing his intensified interest in the synthetic dollar protocol.
According to blockchain tracking platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.
The average purchase price of ENA by the BitMEX co-founder currently stands at $0.66. Thus, Ethena price appreciation thereafter has resulted in an unrealized profit of $1.14 million, or over 14% appreciation already.
On November 26, Arthur Hayes liquidated all of his Aethir (ATH) holdings after months of holding and making an estimated loss of $815,000. However, quickly spotting a good opportunity in ENA, Hayes has already recovered these losses in two days with some additional unbooked profit.
The BitMEX co-founder has been shilling Solana-based meme coins off lately with his latest bet being FlowerAI (FLOWER). He also made strong profits from his early bet on Goatseus Maximus in October last month.
ENA Bullish Momentum and Other Milestones
As per the Coinglass data, the ENA open interest has shot up by 23% to $374 million while the total ENA liquidations have shot up to $1.29 million, of which $335,000 are in long liquidations and $956,000 are in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain has also surged to $4.09 billion.
The Ethena blockchain is gaining strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from traditional stablecoins by offering a native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto margin collateral.
Moreover, Ethena Labs celebrated an important milestone of reaching a 4 billion supply for USDe while generating an annual percentage yield (APY) of a staggering 25% for its users. Back in September, the platform also unveiled its UStb stablecoin collateralized by financial giant BlackRock and Securitize.
All eyes are on the ENA bulls as they need to hold Ethena price above the strong support of $0.75. If they manage to pull this off, ENA could be heading for another 33% gains to $1. Some investors are also speculating that ENA will hit its all-time high of $1.5.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum price stole substantial investor attention this Saturday as it gained an upward trajectory, even briefly topping $2,000. Despite constant outflows in ETF ETFs over the past few days, this upswing has emerged, sparking market optimism over future price movements.
For context, Ether ETFs have recorded constant outflows on a daily basis, sparking market concerns globally. Although these outflows remained below the $20M mark each day, market watchers speculate over future aspects amid evolving market dynamics.
Ethereum Price Jumps Despite ETH ETF Outflows
ETH coin’s price witnessed a nearly 2% uptick in the past 24 hours and closed in at $1,995 as of press time. The crypto recovered from an intraday low of $1,937 and even hit a high of $2,005 briefly this Saturday.
This price upswing primarily caused a market stir, defying usual investor sentiments in light of constant outflows in ETF products. Sosovalue data indicated that Ethereum recorded $102.89 million in weekly outflows from March 14 to 21, a concerning factor for investors.
Of these outflows, $11.72 million, $12.41 million, and $18.63 million occurred on March 19, 20, and 21, respectively. Traders and investors speculate whether these outflows could top the $20 million mark ahead, which could bring potential heat to the price.
Ethereum price is up nearly 5% since it last recorded over $20 million in outflows in ETFs, which was on March 18. The asset’s price rose from the $1800 level to $1,985 since then to date. The rising action has ignited speculations of cooling ETF outflows ahead, further supported by other dynamics.
Is ETH Supply Shock Incoming?
Simultaneously, recent on-chain data has cemented a considerable bullish sentiment for the coin. Renowned market trader and analyst ‘Merlijn The Trader’ revealed that whales scooped up $236 million worth of ETH over the past 72 hours. The massive buying pressure paves an optimistic path for future price action, underlining the potential for an ETH bounce back to previous highs.
Simultaneously, market analyst Crypto Rover took to X, revealing that Ethereum reserves on exchanges hit an ATL. For context, drying up exchange reserves signals heightened withdrawing for a crypto and rising market interest. The data also indicates that a potential supply shock looms, which could further offer support to the price.
Despite constant ETF outflows, the abovementioned stats indicated that price gains await. Given this feat takes place, rising interest could also propel inflows in ETFs ahead.
Top Analyst Says 100% Pump For Ethereum Price Ahead
Also, market expert ‘Patron’ posted on X, revealing that ETH price claimed a vital support level near $1,978. A sustained break above this level, further escorted by the abovementioned bullish factors, could result in a potential 100% rally ahead. As per the analyst, the upcoming targets remain $2,296, $2,913, and $4,000, which is up nearly 100% from the current level.
However, it’s also worth taking into account that ETH’s fear and greed index stood at 37. This stat conversely signals that investors are cautious despite bullish dynamics, primarily due to macro trends and institutional interest decline. According to Ethereum price prediction, ETH could reach $2,100.57 by 2025.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethena price remains concerningly eyed by crypto market participants against the backdrop of a severe bearish trajectory. ENA erased nearly 4% in the past 24 hours, in sync with a renowned market maker dumping over $10 million worth of tokens. Thus, traders and investors anticipate additional short-term volatility in the coin, whilst it recently faced rejection at a key resistance of $0.48.
Ethena Price Gains Bearish Momentum, Here’s Why
On-chain data from Arkham Intelligence on March 22 signaled that market maker Amber Group deposited $10.35 million worth of ENA to Binance. Out of the deposits, $2.5 million worth of tokens were acquired from the same crypto exchange two weeks ago. This accumulation took place at an average price of $0.3979.
On the other hand, Amber Group received $7.85 million worth of coins from the Ethena Claim address. These tokens were received between April 2024 and July 2024.
For context, the market maker’s massive dump to Binance impacts a crypto’s supply dynamics. In turn, market participants expect short-term volatility in price. However, speculations of a bolstered movement also prevail as this endeavor will increase liquidity and trading volumes, thereby magnetizing investors.
Ethena Token Unlocks: Another Vital Barrier For Price?
Simultaneously, ENA tokenomics faces additional heat amid massive token unlocks recorded this month. Notably, Cryptorank’s data flagged 2.06 billion coins, worth 13.9% of the total supply, unlocked on March 5.
Meanwhile, 94.19 million coins, worth 0.63% of the asset’s total supply, were unlocked on March 2. These unlocks substantially increase the asset’s market supply, negatively impacting demand and price sentiments.
Another massive unlock of 94.19 million coins is set to occur on April 2. Further, 171.85 million tokens will be unlocked on April 5. As a result, traders and investors reflect highly concerning sentiments surrounding Ethena price action ahead as the supply inflates.
How Is The Crypto Delivering As The Month Ends?
At the time of reporting, Ethena price crashed nearly 4% and exchanged hands at $0.3581. The coin bottomed and peaked at $0.3497 and $0.3763 in the past 24 hours. Notably, the waning price action comes in sync with Amber Group’s massive dump to the top crypto exchange.
Whereas, the weekly and monthly charts show a dip of 1% and 11%, respectively. The broader slumping action falls in line with the massive token unlocks mentioned above.
Renowned market trader and analyst Sjuul/AltCryptoGems took to X, revealing that ENA again faced crucial resistance at $0.48, slamming the chances for a pump ahead. “If bulls fail to defend this demand, it would be a pretty bad sign,” the analyst concluded amid bearish dynamics taking over.
Additionally, an Ethena price prediction by CoinGape indicated that the crypto’s 3-month bias indicator is tilting in favor of bears. This has further pushed traders and investors to take a cautious trading approach on the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin (BTC) price volatility is slowing down as the coin’s capitulation continues. At the time of writing, Bitcoin’s price was changing hands for $84,278.83 as it pared off the losses accrued in earlier trading. At this pace, the question now hinges on whether BTC can form sustainable support at the $84,000 price mark or whether further drawdown lies ahead.
Core Bitcoin Price Metric to Watch
According to Glassnode data, BTC Short-Term Holders (STH) are under increasing pressure. This group’s unrealized losses have surged, pushing many STH coins into losses. As revealed, their holdings are now nearing the two-standard deviation threshold.
Despite this outlook, the data platform hinted that losses remain within historical bull market bounds. Specifically, it noted that these losses are less severe than the May 2021 sell-off from the all-time high. Glassnode said the rolling 30-day losses for STH have topped $7 billion. It confirmed that “this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”
BTC price jumped to an ATH above $109,000 in January but has since dropped by 22.79%. While experts predicted a drop of over 35%, the limited loss from holders can form a good rebound basis.
BTC Price Bottom In, Here Are Triggers for Rally
Over the past week, Bitcoin has rallied within very tight price ranges, from a low of $81,300 to a high of $87,320. Some market observers believe the coin has attained its floor price and might be set for a rebound.
While firms like Strategy have kept Bitcoin purchase plans alive with Strife’s perpetual stock offering, the Global Money Supply M2 also lays a positive basis for growth. With the current outlook, the projection that the $83,00 level is the BTC price floor is resounding among analysts.
The shift in regulation and the backing of Bitcoin by President Donald Trump creates a tailwind for the coin’s proponents. At the Digital Asset Summit earlier this week, President Trump reiterated the plan to make the US the crypto capital of the world.
Several government agencies have shifted their policies in this regard, which might attract investors in the long term.
How High Can Bitcoin Valuation Rise?
Despite the slowdown in growth in recent weeks, many market leaders are still confident in the coin’s prospects. As reported earlier by CoinGape, Bitwise CIO Matt Hougan maintained the price target of $1 million by 2029. He cited a longer-term reaction to macroeconomic uncertainties as the basis for his prediction.
While this Bitcoin price prediction appears lofty, others believe Bitcoin may cross $200,000 once the bull rally returns. With spot Bitcoin ETF hype and other growing institutional adoption, BTC price has an arguably bright future.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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