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Ethena

Ethena erased some of the gains made on Friday, Dec. 12, after on-chain data showed that Arthur Hayes was selling. 
Ethena (<a href="https://crypto.news/price/ethena/" target="_blank">ENA</a>) token retreated to $1.10, down from an intraday high of $1.2240. It has dropped by over 16% from its highest level this month. 
Data by Nansen shows that Hayes, the co-founder and former CEO of BitMEX, moved 7 million tokens worth $8.47 million to Binance. Moving a cryptocurrency from a self-custody wallet is usually a sign that a crypto investor is selling. 
According to <a href="https://intel.arkm.com/explorer/entity/arthur-hayes" target="_blank" rel="nofollow">Arkham</a>, Hayes now owns 7.19 million ENA tokens worth over $8.5 million. His other portfolio assets include Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), Wilder World, Pendle (<a rel="" href="https://crypto.news/price/pendle/">PENDLE</a>), and Ethena Staked USDe. 
Hayes’ selling came a few days after Donald Trump’s <a href="https://crypto.news/why-ethena-price-is-pumping-why-it-could-surge-by-35/" target="_blank">World Liberty Finance acquired 741,687 ENA</a> tokens valued at $823,000. Ethena has now proposed a deeper <a href="https://crypto.news/ethena-labs-proposes-collab-with-trump-backed-wlfi/" target="_blank">collaboration with WLFI</a>, a move that could see sUSDe integrated in the upcoming <a href="https://crypto.news/tag/defi/" target="_blank">DeFi</a> platform.&nbsp; 
The total value locked in Ethena’s ecosystem in the form of USDe stablecoin jumped to over $6 billion for the first time. This growth has made it the third-biggest stablecoin in the crypto industry after Tether and USD Coin.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/altcoin-season-update-a-look-at-whats-next-for-cardano-and-solana/"> Altcoin season update:&nbsp;A look at what’s next for Cardano and Solana </a> 
USDe’s growth is mostly because of its strong yield. According to its website, USDe’s stablecoin yields at 12%, much higher than what US government bonds and most dividend ETFs are offering. 
Meanwhile, <a href="https://polymarket.com/event/ethena-exploit-depeg-in-2024?tid=1734791341536" target="_blank" rel="nofollow">Polymarket</a> users believe that the USDe stablecoin will not lose its $1 peg this year. According to the site, odds of the coin falling below 90 cents. The odds of it losing its peg were almost 20% in May as analysts compared it with Terra. 
Ethena also recently <a href="https://crypto.news/ethena-officially-launches-usdtb-stablecoin-backed-by-blackrock/" target="_blank">launched USDtb</a>, a new stablecoin backed by asset manager BlackRock, which boasts over $11.5 trillion in assets. 
<h2 class="wp-block-heading" id="technicals-suggest-more-ethena-price-gains">Technicals suggest more Ethena price gains</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/12/Ethena-Price-1.png" alt="Ethena Price" class="wp-image-14321316">
 <figcaption class="wp-element-caption">
 ENA price chart | Source: <a href="https://crypto.news/price/ethena/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
The daily chart shows that the ENA price bottomed at $0.1951 in September and has jumped by 445% to the current $1.0825. The coin has moved above the 50-day moving average and the psychological level at $1.00.&nbsp; 
There are signs that it is forming a cup and handle pattern whose top is at $1.5197. Therefore, a move above this month’s high of $1.3275 will increase the odds of the coin rising to $1.5197, which is about 42% above the current level.&nbsp; 
 Read more: <a rel="" href="https://crypto.news/saylor-bitcoin-national-asset-may-generate-81-trillion/"> Michael Saylor: Bitcoin as a national asset for US Treasury could generate $81 trillion </a>

Ethena price slips after BitMex founder Arthur Hayes moves tokens

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