Arthur Hayes Buys Nearly $1M ENA Ahead of Hyperliquid USDH Stablecoin Vote – What Does he Know?
Former BitMEX CEO Arthur Hayes amassed $995,000 value of Ethena (ENA) tokens over 48 hours forward of Hyperliquid’s essential USDH stablecoin validator vote scheduled for September 14.
His aggressive shopping for spree included 578,956 ENA tokens value $473,000 within the closing buy, bringing whole holdings to five.02 million tokens valued at $3.91 million.
Ethena Might Win the Hyperliquid Stablecoin War?
Hayes’ timing coincides with Ethena’s competitive bid to challenge Hyperliquid’s native stablecoin utilizing USDtb collateralized by means of BlackRock’s BUIDL fund.
The proposal guarantees 95% income sharing with Hyperliquid whereas overlaying prices for buying and selling pair migrations from USDC to USDH.
Arkham Intelligence data reveals systematic accumulation patterns with a number of purchases from Binance, Wintermute, and Galaxy Digital over latest months.
Hayes beforehand deposited 7.764 million ENA tokens value $4.62 million to Binance two months in the past earlier than starting contemporary accumulation cycles.
The purchases comply with Hayes’ August prediction that ENA may obtain 51x returns by 2028 as stablecoin adoption reaches $10 trillion.
His evaluation facilities on Ethena’s “money and carry” buying and selling technique, producing yields above Treasury charges by means of crypto derivatives.
Ethena at present operates the third-largest stablecoin with $13.5 billion in USDe deposits, positioning it behind solely Tether and Circle.
Hayes initiatives Ethena may seize 25% market share as stablecoin infrastructure absorbs trillions in international deposits.
The validator vote now contains six main contenders: Native Markets with Stripe’s Bridge proposal, adopted by Paxos, Sky Protocol, Frax Finance, Agora’s coalition backed by VanEck, with Ethena being the sixth.
Hayes’ 126x HYPE Prediction Drives Strategic Positioning
Hayes revealed his boldest crypto forecast in August, predicting Hyperliquid’s HYPE token may surge 126x by 2028 as Treasury Secretary Scott Bessent’s insurance policies create the biggest DeFi bull market in historical past.
The evaluation assumes Hyperliquid turns into the dominant crypto buying and selling venue, processing day by day volumes corresponding to Binance’s present $73 billion.
The former BitMEX government believes stablecoin adoption will attain $10 trillion by means of pressured migration of Eurodollar deposits and Global South banking holdings into U.S. Treasury-backed digital belongings.
His “Buffalo Bill” Bessent thesis initiatives capturing $34 trillion in international deposits by means of weaponized stablecoin insurance policies.
For ENA, Hayes fashions Ethena attaining $2.5 trillion in USDe provide as speculators pay above Treasury charges to borrow {dollars} for crypto leverage.
The protocol’s 20% payment construction on curiosity earnings creates sustainable income streams whereas offering larger yields than conventional banking alternate options.
Hayes’ private positioning by means of ENA accumulation aligns together with his institutional funding technique by means of the Maelstrom fund, which has invested in Ethena.
The timing suggests confidence in Ethena’s USDH proposal final result regardless of Native Markets’ dominant prediction market positioning.
Competitive USDH Race Intensifies Before Validator Decision
Paxos revised its proposal on Tuesday, announcing major PayPal integration, together with USDH assist in checkout infrastructure, Venmo compatibility, and HYPE token itemizing.
The partnership contains $20 million in ecosystem incentives and zero-cost on/off-ramps by means of PayPal’s fee rails.
The up to date Paxos proposal commits all USDH income to Hyperliquid’s Assistance Fund till reaching $1 billion whole worth locked, with income sharing capped at 5% even past $5 billion TVL.
Similarly, Sky Protocol’s entry promised 4.85% yields and $25 million ecosystem improvement funding by means of its $8 billion infrastructure managing USDS and DAI stablecoins.
The proposal presents on the spot $2.2 billion USDC liquidity entry and plans to relocate $250 million annual buyback programs from Uniswap to Hyperliquid.
As it stands now, Native Markets has the very best prediction market odds of profitable regardless of coalition opposition led by Agora and VanEck, warning towards Stripe’s Bridge conflicts of curiosity.
The Stripe partnership proposal incorporates a GENIUS-Act-compliant construction with BlackRock off-chain and Superstate on-chain reserve administration.
Frax Finance pitched frxUSD backing by means of BlackRock’s BUIDL fund whereas Agora’s coalition pledged full web income sharing and claimed neutrality benefits.
Overall, every proposal targets totally different points of stablecoin infrastructure, from regulatory compliance to yield optimization.
However, Ethena’s BlackRock partnership supplies institutional credibility with $23 billion cumulative mints and redemptions processed with out safety incidents.
Hyperliquid validators will start voting September 14, with Foundation neutrality to be maintained all through the choice course of.
The final result will decide USDH’s infrastructure spine serving the platform’s $106 million month-to-month income and $383 billion buying and selling quantity.
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