Billionaire crypto entrepreneur Arthur Hayes simply initiated a brand new crypto buy.
Analysts at Lookonchain say Hayes moved $3.53 million price of Ethereum (ETH) in simply over 24 hours.
Roughly $1.5 million of the ETH was despatched to the institutional crypto asset agency Galaxy, suggesting Hayes could also be seeking to promote.
In the meantime, Hayes used a portion of the $2.03 million in ETH that was not despatched to Galaxy to buy 1.22 million Ethena (ENA) tokens price about $257,000 at time of publishing.
Amid the shuffle, Hayes famous he’s executing a rotation out of ETH on X.
“We’re rotating out of ETH and into high-quality DeFi names, which we consider can outperform as fiat liquidity improves.”
Ethena’s ENA is the governance token for the Ethena protocol, a decentralized finance (DeFi) platform constructed on Ethereum that gives a crypto-native artificial greenback referred to as USDe.
Hayes has since been an investor in and promoter of the protocol since 2023, when he grew to become a founding advisor by means of his household workplace Maelstrom and obtained ENA tokens in alternate.
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