Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote

Core Insights - Arthur Hayes, co-founder of crypto investment fund Maelstrom, has made significant purchases of Ethena's ENA token, totaling approximately $995,000 within a 48-hour period, as the project competes for control of the USDH stablecoin ticker [1][2] Group 1: Ethena's Positioning - Ethena is a contender in the USDH stablecoin race, with its proposal backed by BlackRock, aiming to use its USDtb stablecoin to collateralize USDH [2] - Ethena has processed $23 billion in cumulative mints and redemptions without security incidents or downtime, indicating a robust operational history [3] Group 2: Market Dynamics - The Hyperliquid validators are set to make a decisive vote on the USDH ticker, with Hayes' purchases seen as personal positioning rather than a direct endorsement of Ethena for the USDH votes [4] - Other contenders in the USDH race include Paxos, which has revised its proposal to pledge a larger share of reserve yield to Hyperliquid's Assistance Fund, and Native Markets, which is currently viewed as a top contender with 90% odds in its favor [5][6]