Billionaire crypto entrepreneur Arthur Hayes just launched a new crypto buy.
Lookonchain analysts say Hayes moved $3.53 million worth of Ethereum (ETH) in just over 24 hours.
Around $1.5 million worth of ETH was sent to institutional crypto asset firm Galaxy, suggesting Hayes may be looking to sell.
Meanwhile, Hayes used some of the $2.03 million worth of ETH that was not sent to Galaxy to purchase 1.22 million Ethena (ENA) tokens worth approximately $257,000 at press time.
Amid the shakeup, Hayes noted that he was executing a rotation out of ETH on X.
“We are moving away from ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”
Ethena’s ENA is the governance token of the Ethena Protocol, a decentralized finance (DeFi) platform built on Ethereum that provides a crypto-native synthetic dollar called USDe.
Hayes has since been an investor and promoter of the protocol since 2023, when he became a founding advisor through his Maelstrom family office and received ENA tokens in exchange.
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