Looks like Arthur Hayes is betting the farm on Ethena (ENA), as the popular alternative chain’s USDe stablecoin just hit Binance. Arrival on the globe’s largest exchange by trading volume gives USDe enough credibility to compete with USDT, USDC, as USDe is already the third largest stablecoin by market cap.
Rationale Behind $1M ENA Play Amid Binance’s USDe Nod
As previously reported by Ciphera, USDe is now available within the stablecoin based USDE/USDT & USDE/USDC pairs, as well as Binance Earn staking & yield-bearing collaterals for leveraged smart contracts. Surging to a $13 billion market cap right after listing, this offers a massive distribution channel since Trump’s Genius & Clarity Acts saw key approvals.
With this going on, Arthur Hayes gulped up over $1 million of Ethena (ENA) tokens in the latest 48-hour period. This falls within the broader trend of crypto whale accumulations, as ENA coin dominated the centralized exchange (CEX) markets along with Avalanche (AVAX) over the past 24 hours, witnessing a wave of long positions entering the leveraged markets.
At the time of publication, the altcoin ENA sits at $0.75, a key support juncture that could lead to further gains if the level sustains on a daily time frame, crypto analyst Crypto Baller . Most Binance customers tend to agree with this projection, as reflected in the 2.71 long versus short ratio on Derivatives markets, where bulls continue to outsource short-sellers, popularly referred to as bears.
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People Also Ask:
Arthur Hayes, BitMEX co-founder, endorses Ethena Labs’ USDe stablecoin and predicts a $500M ENA buyback; moreover, he recently unstaked and transferred millions in ENA to Binance, signaling strong conviction in the project.
Binance’s USDe listing integrates Ethena’s synthetic dollar into its ecosystem; thus, it activates ENA’s fee mechanism, driving demand and enabling up to $500M in token buybacks from protocol revenue.
ENA surges to a 7-month high of ~$0.83 (up 7% daily, 18.5% weekly), before backtracking to $0.75. Furthermore, Hayes’ hype and Binance’s move fuel rallies amid DeFi yield demand.
Ethena offers USDe as a yield-bearing stablecoin backed by hedged positions; therefore, Hayes warns DeFi protocols ignoring it risk obsolescence, positioning ENA for explosive growth.
With $5B potential buybacks in sight, ENA eyes $1+ targets; however, if DeFi adoption accelerates, Hayes’ all-in could yield massive returns by year-end.
