protos.com
26 October 2026 19:59, UTC
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.
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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.”
I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr
— Arthur Hayes (@CryptoHayes) October 24, 2026
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.
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.”
Ethena offers 27% on stablecoins but where is the yield coming from?
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.
