Arthur Hayes Buys Nearly $1M ENA Ahead of Hyperliquid USDH Stablecoin Vote – What Does he Know?

Former BitMEX CEO Arthur Hayes accumulated $995,000 worth of Ethena (ENA) tokens over 48 hours ahead of Hyperliquid’s crucial USDH stablecoin validator vote scheduled for September ￰0￱ aggressive buying spree included 578,956 ENA tokens worth $473,000 in the final purchase, bringing total holdings to 5.02 million tokens valued at $3.91 ￰1￱ Hayes ( @CryptoHayes ) has bought 578,956 $ENA , worth $467.7K, from #Binance. Arthur now holds a total of 5.02M $ENA , worth $3.91M. Address: 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21 Data @nansen_ai ￰2￱ — Onchain Lens (@OnchainLens) September 11, 2025 Ethena Might Win the Hyperliquid Stablecoin War? Hayes’ timing coincides with Ethena’s competitive bid to issue Hyperliquid’s native stablecoin using USDtb collateralized through BlackRock’s BUIDL ￰3￱ proposal promises 95% revenue sharing with Hyperliquid while covering costs for trading pair migrations from USDC to ￰4￱ Intelligence data reveals systematic accumulation patterns with multiple purchases from Binance, Wintermute, and Galaxy Digital over recent months.) September 9, 2025 Competitive USDH Race Intensifies Before Validator Decision Paxos revised its proposal on Tuesday, announcing major PayPal integration , including USDH support in checkout infrastructure, Venmo compatibility, and HYPE token ￰5￱ partnership includes $20 million in ecosystem incentives and zero-cost on/off-ramps through PayPal’s payment ￰6￱ updated Paxos proposal commits all USDH revenue to Hyperliquid’s Assistance Fund until reaching $1 billion total value locked, with revenue sharing capped at 5% even beyond $5 billion TVL.

Similarly, Sky Protocol’s entry promised 4.85% yields and $25 million ecosystem development funding through its $8 billion infrastructure managing USDS and DAI ￰7￱ proposal offers instant $2.2 billion USDC liquidity access and plans to relocate $250 million annual buyback systems from Uniswap to ￰8￱ it stands now, Native Markets has the highest prediction market odds of winning despite coalition opposition led by Agora and VanEck, warning against Stripe’s Bridge conflicts of interest.