Ethena is at an interesting point after two very different developments hit the market almost at the same time. On June 5, BitMEX co-founder Arthur Hayes sold his entire ENA position, moving 54.65 million ENA to Galaxy Digital through an OTC deal.  The transaction came alongside a 14% drop in the ENA price, leading many traders to wonder if more downside could follow. But there’s another side to the story. Aixbt noted that Coinbase Ventures has been buying ENA on the open market at the same prices available to retail investors.