Ethena Rebounds as Traders Defy Arthur Hayes’ $2.7M Sell-Off

The price action marks a volatile shift for ENA, which recently retreated from September highs near $0.30. Hayes, who recently shuttered his Maelstrom directional trading book, offloaded approximately 14 million tokens worth $2.73 million on October 25. This move was part of a larger $28.8 million liquidation spree across several assets, which Hayes justified by citing unpredictable macroeconomic and geopolitical headwinds.

Despite the selling pressure, the token is finding technical footing. ENA is currently hovering near its 20-day simple moving average of $0.2051, with analysts closely watching the $0.23 resistance level. While some market observers view the recovery as a potential breakout from a former resistance zone, others remain cautious. CryptoBullet, for instance, suggests the asset may require further consolidation within the $0.122 to $0.172 range before a sustained uptrend can materialize. As it stands, the market is balancing these technical signals against Ethena's long-term tokenomics, including proposed revenue-linked buybacks and an expanding role for its USDe stablecoin.