Arthur Hayes Buys 25.33M ENA as Ethena Approves 95% Revenue Buybacks

TLDR: ENA price prediction centers on Arthur Hayes’ $0.50 target after he bought 25.33 million ENA for $5.53 million at an average price of $0.09. Ethena approved a fee switch that directs 95% of protocol net revenue toward ENA buybacks and redistribution to token holders, linking revenue with token demand. ENA/USD faces resistance near $0.1976, while the MA-50 at $0.1826 and the MA-200 at $0.1038 provide separate technical reference levels. The latest trading session forecast places ENA/USD between $0.1766 and $0.2104, with a 62% upside probability and 38% downside risk. The ENA price prediction has gained attention after Arthur Hayes called for ENA to reach $0.50. According to Lookonchain data, Hayes bought 25.33 million ENA for $5.53 million one month earlier. His average entry stood near $0.09, with an unrealized profit of $3.28 million, or 146%. Ethena has approved a proposal directing 95% of protocol net revenue toward ENA buybacks and token-holder redistribution. Its total value locked reached $5.21 billion. Arthur Hayes (@CryptoHayes) just called for $ENA to reach $0.50. He bought 25.33M $ENA ($5.53M) at an average price of $0.09 a month ago and is now sitting on a $3.28M unrealized profit (+146%)!https://t.co/gau6egd7Vmpic.twitter.com/Szm0dhtaib — Lookonchain (@lookonchain) September 20, 2026 ENA Price Prediction Tracks the $0.50 Target and Buyback Demand Hayes’ purchase gives the ENA price prediction a visible on-chain reference, but his target is a personal market view. The reported purchase occurred about one month before the post. Lookonchain identified the transaction size and average acquisition price in its update. Lookonchain reported 25.33 million tokens, a $5.53 million position value and an average acquisition price near $0.09. The unrealized gain stood at $3.28 million. The 146% return reflects the performance figure cited in the update. Hayes’ $0.50 call does not establish a formal Ethena forecast. It does, however, place a specific level beside the broader market discussion. Traders can compare that target with support, resistance and protocol developments. Pumping … ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 = $0.5 pic.twitter.com/qUWbba47Cy — Arthur Hayes (@CryptoHayes) September 20, 2026 Governance also adds a demand factor to the ENA price prediction. Ethena approved a fee switch that directs 95% of net revenue into ENA buybacks and redistribution. That structure ties protocol revenue to recurring token purchases. Ethena’s TVL reached $5.21 billion. TVL measures assets users deposited in the protocol, but it does not guarantee token appreciation. The figure provides context for the scale of activity connected to the buyback policy. Revenue-based purchases differ from discretionary market calls. The proposal creates a documented allocation rule, but it does not specify a fixed daily volume. ENA demand will therefore vary with protocol earnings and the execution schedule. Token redistribution also depends on governance implementation and the final mechanics that governance formally adopts.