Arthur Hayes, the co-founder and former chief executive of crypto exchange BitMEX, has called for Ethena's ENA token to reach $0.50, drawing fresh attention to a position he built about one month earlier. According to on-chain analytics platform Lookonchain, Hayes bought 25.33 million ENA for $5.53 million at an average price of roughly $0.09, and the holding was showing an unrealized profit of $3.28 million — a 146% gain — when the figure was published on September 20, 2026. The move comes as Ethena governance approved a fee switch directing 95% of protocol net revenue toward ENA buybacks and redistribution to token holders. Ethena is the decentralized finance protocol behind the USDe synthetic dollar, with ENA serving as its governance token.

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%)!

— Lookonchain (@lookonchain) September 20, 2026

The $0.50 Target and the On-Chain Record

Hayes' purchase gives his $0.50 call a visible on-chain reference, but the target remains a personal market view rather than a formal Ethena forecast. The purchase occurred about one month before the Lookonchain post, and the analytics firm identified the transaction size and average acquisition price in its update: 25.33 million tokens, a $5.53 million position value, and an average entry near $0.09. The unrealized gain stood at $3.28 million, reflecting the 146% performance figure cited in the report. On-chain tracking of this kind allows outside observers to check a large holder's stated position directly against public blockchain records, a practice that has become standard in crypto market coverage.

Hayes repeated the level in a post of his own, referencing ENA's contract address.

Pumping … ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 = $0.5

— Arthur Hayes (@CryptoHayes) September 20, 2026

The call does not establish an official price forecast for Ethena. It does, however, place a specific level beside the broader market discussion, giving traders a concrete figure to compare against support, resistance and protocol developments.

Governance Ties95% of Net Revenue to ENA Buybacks

Ethena governance has approved a fee switch that directs 95% of protocol net revenue toward ENA buybacks and redistribution to token holders. The structure links protocol revenue to recurring token purchases through a documented allocation rule rather than discretionary buying. Fee switches of this kind are a familiar instrument in decentralized finance governance, where they are used to convert protocol income into a rule-based benefit for token holders.

The proposal does not specify a fixed daily purchase volume. Demand for ENA will therefore vary with protocol earnings and the execution schedule, and token redistribution also depends on governance implementation and the final mechanics that governance formally adopts. Those mechanics — the size, timing and distribution method of future purchases — are the concrete details market participants will be watching as implementation proceeds.

Ethena's total value locked (TVL) has reached $5.21 billion. TVL measures the assets users have deposited in Ethena-related contracts, but it does not guarantee token appreciation, nor does it show how much revenue the protocol generated during the period. The figure provides context for the scale of activity connected to the buyback policy, and while a larger deposit base can provide scale, it cannot establish the future value of ENA.

Traders still need to separate confirmed governance action from price speculation. Any impact from the buybacks depends on protocol revenue, implementation and market liquidity, and the available information does not state the size or timing of future purchases. These factors can change expected trading paths.

Mixed Momentum Near Key Resistance

ENA/USD trades below its MA-20 at $0.2003, while the MA-50 at $0.1826 and the MA-200 at $0.1038 provide separate technical reference levels. Ichimoku Kijun resistance sits near $0.1976.

Momentum indicators do not point in one direction. MACD shows a Strong Buy reading and ADX indicates buying interest, while RSI reads 52.848 — a Buy signal — and the Stochastic RSI sits in oversold territory.

The latest trading session forecast places ENA/USD between $0.1766 and $0.2104, assigning a 62% probability to an upside move and a 38% probability of downside risk. The base case calls for sideways consolidation inside the range. A move above $0.1976 would strengthen the upside case in the forecast, while a break below $0.1766 would weaken it.

Technical data do not currently confirm a move to $0.50. They identify the levels traders are monitoring as ENA/USD responds to the buyback policy, market liquidity and broader crypto conditions. The outlook will change if the asset breaks the stated range.

Source: Blockonomi