Renowned crypto tycoon Arthur Hayes has recently made a significant crypto acquisition.
According to analysts at Lookonchain, Hayes transferred $3.53 million worth of Ethereum (ETH) in a span of just over 24 hours.
Of the total amount, approximately $1.5 million in ETH was sent to the institutional crypto asset firm Galaxy, indicating a potential intention to sell on Hayes’ part.
Simultaneously, Hayes utilized a portion of the remaining $2.03 million in ETH to purchase 1.22 million Ethena (ENA) tokens valued at around $257,000 at the time of this report.
During this transaction, Hayes mentioned that he is shifting his focus from ETH to high-quality DeFi projects on X, anticipating superior performance as fiat liquidity improves.
Ethena’s ENA token serves as the governance token for the Ethena protocol, a DeFi platform operating on Ethereum that offers a crypto-backed synthetic dollar known as USDe.
Hayes has been actively involved in and advocating for the protocol since 2023, when he joined as a founding advisor through his family office Maelstrom and acquired ENA tokens in return.
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