Are whales attempting to hit ENA price bottom? Metrics suggest…

• Arthur Hayes dumped ETH at a loss and invested $2.8 million in ENA
• With ENA price down 15% in the last 24 hours, Hayes may be trying to hit the bottom

Despite the recent wave of devaluations last month Ethenas Price (ENA) is up over 65.13%. As a result, it significantly outperformed the global cryptocurrency market, which only gained 9.40%.

Such a performance can be interpreted as a reflection of investors’ growing confidence in ENA. Especially since Ethena was trading at $0.5941 at the time of writing – a sign of continued market interest.

Arthur Hayes collects 4.916 million Ethereum tokens

Co-founder of BitMEX and current cryptocurrency CIO Arthur Hayes Portfolio has a balance of $33.167 million, with a significant allocation to Ethereum. The portfolio breakdown revealed 5,082,000 ETH worth $16.9 million, 3,037,000 ETH in staked ETH (EETH) worth $10.064 million, and 5.053 million ENA tokens now worth 2.89 million US dollars.

However, the portfolio’s recent transactions reflect two important moves: Hayes received 4.916 million ENA from Wintermute Trading, valued at approximately $2.8 million, signaling a significant increase in his position in ENA. Previously, he sent 874.9 ETH worth $2.8 million to Wintermute Trading.

This flow of capital suggests that Hayes has reallocated its investments and strengthened its position at ENA as a strategic move.

The portfolio’s ETH allocation suggests that Hayes remains heavily invested in Ethereum. However, his move to ENA could signal confidence in the token’s future potential, especially after recent price fluctuations.

His ENA purchases underscored belief in the company’s growth despite the recent price decline. Given ENA’s 15% decline in the last 24 hours, Hayes appears to be positioning himself to capitalize on future upside. In fact, this could be perceived as an opportunity to “hit bottom” and engineer a recovery.

Can ENA Recover from 4-Hour Fair Value Gap?

Since November 23, ENA has been consolidating and dipping into the Hourly Fair Value Gap (fvg) near the $0.54-$0.56 support zone – a level crucial for the next move.

This decline is likely part of the process of building more long positions, allowing institutional investors to get in at cheap prices ahead of a breakout.

Additionally, this price move could serve as a shakeout, driving away weak buyers ahead of a possible recovery. fvg stock could serve as a catalyst for a move towards the $0.75 resistance level, with a successful break above it potentially signaling a further rise to $0.80.

Source: TradingView

The Alligator indicator showed a shift in momentum as the green line recently fell below the red line, indicating slight short-term retracements. This suggests that while the overall trend remains bullish, the market is seeing some minor pullbacks.

However, failure to hold fvg would indicate a shift in momentum, which could lead to a possible further downtrend. Finally, the Stochastic Oscillator and CMF confirmed that the price may be oversold and a recovery is likely.

Big transaction boost for ENA

AMBCrypto’s analysis of large transactions based on IntoTheBlock data revealed a significant increase in large transactions for ENA in November 2024.

The chart showed that the number of large transactions increased significantly, with spikes on November 1st, 5th and 23rd – a sign of growing interest and activity in the token.

In fact, there were 96 large transactions on November 25th, which is the 7-day high. This indicated strong buying activity at a relatively stable price point of $0.60.

Source: IntoTheBlock

The price of ENA has also risen steadily, from $0.32 at the beginning of the month to $0.60 in the last few days. This price increase combined with higher transaction volume suggested that institutional or whale activity could be driving the altcoin’s price movement.

This spike in large transactions could be an early signal of an uptrend or greater demand for ENA, potentially indicating that the token is poised for further rise.

Notably, 66 large transactions were recorded on November 24th, which is at the lower end of the 7-day range. However, the overall trend still suggested growing confidence in ENA, especially as the price maintained its momentum around $0.60.

ENA’s increasing open interest

ENA futures open interest has been in an upward trend since mid-September 2024. In fact, open interest rose steadily from under $100 million in early August to over $350 million in late November – a sign of growing market participation and interest in ENA futures contracts.

Source: Coinglass

Meanwhile, ENA price reflected this bullish move, rising from $0.20 to $0.70 by the end of November.

This increase in open interest appeared to be highly correlated with the price increase, suggesting that traders are becoming increasingly confident in ENA’s potential for sustained growth. Whatever that means is that more positions are being opened, likely as traders position themselves for future price movements – another sign of bullish sentiment.