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.”
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.
On December 6, with ENA trading near $1, he doubled down on his $10 forecast.
Arthur Hayes continued to inaccurately predict a rally for ENA
The turn of the year into 2025 did not temper his enthusiasm. On February 5, he reaffirmed that he owned “large amounts” of ENA in his investing fund. On July 11, he tried to pump ENA again, “It’s time for liftoff.”
Undeterred on August 13, he predicted ENA would “moon.”
On August 26, with ENA collapsing below $0.70, he argued, “ENA can 51x from the current levels.”
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It was only by September that he dropped his delusions that ENA would rally by quadruple-digit percentages. Somewhat more modestly but still just as inaccurately, on September 8, he forecasted that ENA would rally to at least $1.50. The next morning, he reiterated that price target.
On September 24, he urged his audience, “Buy ENA.” On December 19, he named ENA his favorite altcoin.
By 2026, Hayes’ price target was down 90% from his original $10. It would go even lower.
On January 14 of this year, he declared, “It’s time for ENA = $1.”
After a months-long slide, he posted that it would at least rally to $0.50. On September 25, he tried $1 again, including a reiteration of that call on September 28.
ENA was trading at $0.198 this month when Hayes posted that he had sold all ENA from Maelstrom’s directional fund.
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