BitMEX co-founder Arthur Hayes has promoted Ethena (ENA) for years — including repeated $10 price predictions since early 2024 —yet he waited until below $0.20 per ENA to finally admit to selling. On Saturday, he posted his total exit from his investment fund, Maelstrom’s so-called directional book.
His sale post 98% below his profit target certainly makes a review of his calls comically worthwhile.
Just four weeks ago, for example, Hayes proclaimed that ENA was going to at least $1.
Even that would be a good outcome at this point, but unfortunately, $1 is nowhere close to the early price levels that Hayes espoused.
Around the time his doomed promotions began, Hayes wrote, “$ENA = $10” on April 2, 2024.
He promised the next day, “the Koreans aren’t even involved yet,” and urged followers, “count to $10 for $ENA.”
On May 7, 2024, he repeated his prediction that ENA somehow rally to $10. On May 25, he taunted doubters doubting ENA, “Cope harder.”
I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr
That June 20, he called ENA “an integral part of the CeFi and DeFi trading ecosystem.” Its price has declined by two-thirds since.
In September 2024, his Token2049 conference speech reiterated that he remained heavily invested in ENA.
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