Arthur Hayes Unveils Massive Ethena (ENA) Opportunity

Group 1: Core Insights - Arthur Hayes, co-founder of BitMEX, highlights a significant opportunity with the governance token ENA, which recently surged to $0.87, marking an 8.3% daily gain and over 20% growth in a week [1][2] - The listing of Ethena's USDe, a $13 billion synthetic dollar token, on Binance is a critical development, enabling the activation of a fee switch that will allow revenue sharing with ENA token holders [2][3] - Hayes indicates that the upgrade could unlock up to $500 million in buybacks for ENA, with Ethena generating $54 million in revenue in August and lifetime revenues exceeding $480 million since its launch [3][4] Group 2: Trading Activity and Predictions - Hayes has been actively trading ENA, purchasing 2.14 million tokens for $1.75 million at $0.816 each, shortly after selling 7.76 million tokens for a profit of $1.65 million, indicating his confidence in the project [4] - Hayes predicts that ENA could reach $1.50 in the near future, reflecting a bullish outlook on the token's potential [4] Group 3: Market Position and Technical Analysis - Ethena's USDe token valuation has increased from $5.5 billion in mid-July to nearly $12.9 billion, establishing it as the largest non-fiat-backed dollar asset [5] - ENA has been trading in a rising channel since late August, recently breaking above $0.83, indicating bullish momentum and heightened volatility [6] - The on-balance volume (OBV) is rising, suggesting strong buyer interest, with potential targets of $1 and $1.50, representing a 70% upside from current prices [7]