Arthur Hayes Buys 9.05 Million ENA Days Before Ethena’s $15 Million Unlock

Arthur Hayes bought 9.05 million Ethena (ENA) tokens over the past three days, on-chain data shows. 

The ENA purchases land just before Ethena releases 171.88 million tokens on August 5. The unlock will now test whether demand can absorb the fresh supply.

Arthur Hayes Rotates Into Ethena and Ethereum Days Apart

On-chain tracker Lookonchain recorded two ENA purchases in quick succession. On Monday, Hayes bought 6 million ENA worth $525,000 at an average price of $0.09. Two days earlier, he acquired 3.05 million ENA for $248,000.

The latter was accompanied by the sale of 6.16 million tokens of DeFi protocol Synapse (SYN) for $658,000. The rotation extends a pattern of previous portfolio shifts.

ENA has climbed around 11% over the past two weeks after touching a record low in June. However, a short-term headwind now looms. 

Ethena will release 171.88 million ENA on August 5, worth $15.36 million. The tranche equals about 1.97% of the released supply.

Token unlocks typically bring short-term price pressure. BeInCrypto analysis of CoinGecko price data shows ENA moved less than 1% on the median unlock day across the past 11 monthly releases. The token fell in the following week in 7 of 11 cases.

Hayes’ “Buy High and Sell Low” Pattern

The bigger question is Hayes’ timing. Lookonchain data from February shows he bought 15.8 million ENA at $0.23 and sold 3.6 million at $0.14. The pattern stretches back further.

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Arthur Hayes(@CryptoHayes) is already buying back the tokens he previously sold.In the past hour, he bought 873,671 $ENA($245K) at $0.281.Two weeks ago, he sold 5.02M $ENA($1.38M) when the price was $0.275.Once again: selling low, buying high.https://t.co/PkC57SoseS https://t.co/4NZvoDA5Ib pic.twitter.com/TxEvz8z3w5

— Lookonchain (@lookonchain) November 27, 2025

It is not just ENA. His recent Ethereum (ETH) trades show the same pattern. On Monday, Hayes sent 2.5 million USDC to Galaxy Digital and received 1,337 ETH at $1,869 per ETH. 

Two days earlier, he had deposited 2,364 ETH into Cumberland and Galaxy Digital for 4.3 million USDC. That sale went through at $1,821, locking in a $241,000 loss of 5.3%.

Hayes had built the 7,213 ETH position at an average of $1,923 through his July ETH purchases. Whether Wednesday’s release pressures his newest position, or passes quietly like July’s, should become clear within days.

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