## Arthur Hayes Makes Bold Move Back Into ENA After Previous Exit

Blockchain analyst Lookonchain has unveiled an interesting reversal in Arthur Hayes' trading activity with Ethena (ENA). The crypto figure who sold off a significant portion of his ENA holdings approximately two weeks prior at $0.595 per token—securing roughly $1.65 million in gains—has now made a fresh commitment to the asset.

Hayes has acquired 2.14 million ENA tokens at the notably higher price point of $0.816 each, representing a capital outlay of $1.75 million. This buyback represents a strategic repositioning that signals renewed confidence in the protocol, despite entering at nearly 40% higher valuations than his exit point.

The contrasting entry and exit prices raise questions about Hayes' conviction in ENA's trajectory. By re-entering at elevated levels following a profitable exit, the prominent figure appears to be betting on continued appreciation despite the interim price surge. This move underscores how even seasoned traders sometimes choose to chase momentum or pursue longer-term positioning over maintaining exit discipline.

The pattern demonstrates the fluid nature of conviction in volatile crypto markets, where fundamental thesis adjustments can lead investors to reverse earlier tactical decisions.