Ethena ENA Rebounds as Hayes-Linked Wallets Move $5.5M

| coinpaper.com
Ethena’s ENA token rebounded on October 26 after briefly falling below $0.19 over the weekend. Reports put the daily gain at between 4% and nearly 8%, with ENA trading around $0.20–$0.21. The recovery came despite reported transfers from wallets linked to BitMEX co-founder Arthur Hayes. Blockchain tracker Lookonchain said the wallets moved 14 million ENA, worth about $2.73 million, on October 25, after a similar transfer the previous day. The two batches total about 28 million ENA, valued at roughly $5.5 million, though transfers alone do not confirm that tokens were sold. Hayes said he had closed Maelstrom’s directional trading positions, citing macroeconomic and geopolitical uncertainty. ENA’s daily trading volume reached about $420 million, while the token remained down roughly 22% over the past month. Traders are watching $0.20 as support and $0.23 as resistance. A sustained move above $0.21 could strengthen the recovery, while a break below $0.20 may expose support near $0.18 and then $0.16. The Federal Reserve decision cited for October 28 could also add volatility. No new protocol announcement was identified as the immediate driver of the rebound; trading activity and social attention may have contributed. Ethena’s proposed revenue-linked buybacks and efforts to expand USDe use cases could matter over the longer term, subject to revenue and supply conditions. However, wider USDe adoption does not guarantee proportional demand for ENA, whose outlook also depends on market conditions and token economics.
Neutral
The immediate price signals are mixed. ENA rebounded sharply from below $0.19, and daily volume of about $420 million suggests active trading interest. However, reports of roughly 28 million ENA transferred from Hayes-linked wallets may raise concerns about potential selling, even though transfers do not confirm executed sales. The token also remains down about 22% over the past month, and the $0.20 support level is a key near-term test. A break above $0.23 could improve momentum, while a loss of $0.20 may invite further selling toward $0.18 or $0.16. In the longer term, Ethena’s buyback proposal and USDe expansion could support sentiment if the relevant conditions are met, but increased USDe use does not necessarily create equivalent demand for ENA. Taken together, the rebound and elevated volume are offset by supply concerns, weak recent performance and uncertain token-demand effects, supporting a neutral assessment.