Arthur Hayes sells ENA 98% below his price target

BitMEX co-founder Arthur Hayes spent years promoting Ethena's ENA token, regularly predicting a $10 price from early 2024 onward. He only disclosed his sale after the token dropped below $0.20. On Saturday, he announced via a social media post that he had fully exited the directional book of his fund, Maelstrom.

The sale, which occurred 98% below the price he had hoped for, makes revisiting his earlier forecasts rather amusing.

Just four weeks earlier, Hayes had declared that ENA would reach at least $1.

Even that $1 target would have been favorable now, but it falls far short of the price levels Hayes had initially touted.

Around the start of his promotional campaign, Hayes wrote on April 2, 2024, "$ENA = $10."

The following day, he said "the Koreans aren't even involved yet" and told his followers to "count to $10 for $ENA."

On May 7, 2024, he reiterated his belief that ENA would rally to $10, and on May 25, he mockingly told skeptics to "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

On June 20, he described ENA as "an integral part of the CeFi and DeFi trading ecosystem." Since then, its price has fallen by two-thirds.

During his speech at the Token2049 conference in September 2024, he reiterated that he was still heavily invested in ENA.

On December 6, when ENA was trading near $1, he reaffirmed his $10 prediction.

Arthur Hayes kept making wrong predictions about an ENA rally

The start of 2025 did not cool his optimism. On February 5, he confirmed he held "large amounts" of ENA in his fund. On July 11, he attempted to boost the token, saying "It's time for liftoff."

Unfazed, on August13 he forecast that ENA would "moon."

On August26, as ENA tumblled below $0.70, he claimed "ENA can 51x from the current levels."

Not until September did he abandon his fantasy of a quadruple-digit percentage rally. More modestly, but still incorrectly, on September 8 he predicted ENA would rise to at least $1.50, and repeated that target the next morning.

On September24, he told his audience to "Buy ENA," and on December19, he called ENA his favorite altcoin.

By 2026, Hayes's price target had fallen 90% from the original $10, and it would drop further.

On January14 of this year, he declared "It's time for ENA = $1."

Following a months-long decline, he posted that it would at least climb to $0.50. On September25, he again targeted $1, including a reiteration of that call on September28.

This month, ENA was trading at $0.198 when Hayes announced he had sold all of his ENA holdings from Maelström's directional fund.