Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote
The post Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote appeared on BitcoinEthereumNews.com. In brief Hayes has accumulated about $995,000 worth of ENA in the past two days, according to Arkham Intelligence. Ethena, backed by BlackRock, has pledged to route 95% of USDH revenue to Hyperliquid and cover migration costs. Native Markets leads the race with 90% odds, while Paxos revised its proposal and secured a Kraken listing offer. Arthur Hayes, co-founder of crypto investment fund Maelstrom, bought the Ethena token this week, tying his latest move to a project vying for control of the USDH stablecoin ticker as Hyperliquid validators head into a decisive vote on Sunday. Hayes has accumulated multiple tranches of Ethena’s ENA token over the past two days, including 578,956 tokens worth about $473,000 on Wednesday and two earlier purchases totaling roughly 672,800 ENA, or $521,000, according to data tracked by Arkham Intelligence. The total, including those from Monday, amounts to roughly $995,000 worth of Ethena tokens within a 48-hour window. Hayes’ purchases come as Ethena remains a contender in the USDH stablecoin race, with Hyperliquid validators set to decide the ticker on Sunday. Ethena’s proposal, backed by BlackRock, would use its USDtb stablecoin to collateralize USDH via BlackRock’s BUIDL fund, with 95% of revenue pledged to Hyperliquid and costs covered for shifting trading pairs from USDC. Ethena’s proposal is a “strong bid from one of crypto’s fastest-growing and most impressive ecosystems,” David Lawant, head of research at FalconX, wrote in a blog post published Wednesday. Lawant pointed to USDe’s market cap of more than $13 billion and Ethena having processed $23 billion in cumulative mints and redemptions without security incidents or downtime. Still, Hayes’ buy “reads as personal positioning, rather than putting a backing behind Ethena specifically for the USDH votes,” Kirby Ong, founder of HypurrCollective, a grassroots collective for founders, builders, traders, and power users on…
The post Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote appeared on BitcoinEthereumNews.com.
In brief Hayes has accumulated about $995,000 worth of ENA in the past two days, according to Arkham Intelligence. Ethena, backed by BlackRock, has pledged to route 95% of USDH revenue to Hyperliquid and cover migration costs. Native Markets leads the race with 90% odds, while Paxos revised its proposal and secured a Kraken listing offer. Arthur Hayes, co-founder of crypto investment fund Maelstrom, bought the Ethena token this week, tying his latest move to a project vying for control of the USDH stablecoin ticker as Hyperliquid validators head into a decisive vote on Sunday. Hayes has accumulated multiple tranches of Ethena’s ENA token over the past two days, including 578,956 tokens worth about $473,000 on Wednesday and two earlier purchases totaling roughly 672,800 ENA, or $521,000, according to data tracked by Arkham Intelligence. The total, including those from Monday, amounts to roughly $995,000 worth of Ethena tokens within a 48-hour window. Hayes’ purchases come as Ethena remains a contender in the USDH stablecoin race, with Hyperliquid validators set to decide the ticker on Sunday. Ethena’s proposal, backed by BlackRock, would use its USDtb stablecoin to collateralize USDH via BlackRock’s BUIDL fund, with 95% of revenue pledged to Hyperliquid and costs covered for shifting trading pairs from USDC. Ethena’s proposal is a “strong bid from one of crypto’s fastest-growing and most impressive ecosystems,” David Lawant, head of research at FalconX, wrote in a blog post published Wednesday. Lawant pointed to USDe’s market cap of more than $13 billion and Ethena having processed $23 billion in cumulative mints and redemptions without security incidents or downtime. Still, Hayes’ buy “reads as personal positioning, rather than putting a backing behind Ethena specifically for the USDH votes,” Kirby Ong, founder of HypurrCollective, a grassroots collective for founders, builders, traders, and power users on…
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