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Billionaire crypto entrepreneur Arthur Hayes just initiated a new crypto purchase.
Analysts at Lookonchain say Hayes moved $3.53 million worth of Ethereum (ETH) in just over 24 hours.
Approximately $1.5 million of the ETH was sent to the institutional crypto asset firm Galaxy, suggesting Hayes may be looking to sell.
Meanwhile, Hayes used a portion of the $2.03 million in ETH that was not sent to Galaxy to purchase 1.22 million Ethena (ENA) tokens worth about $257,000 at time of publishing.
Amid the shuffle, Hayes noted he’s executing a rotation out of ETH on X.
“We are rotating out of ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”
Ethena’s ENA is the governance token for 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 in and promoter of the protocol since 2023, when he became a founding advisor through his family office Maelstrom and received ENA tokens in exchange.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Shutterstock/Tomasz Makowski
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