Arthur Hayes buys the dip, doubling down on Hyperliquid, Ethena and Lido

• Crypto billionaire Arthur Hayes buys Hyperliquid, Ethena, and Lido, on-chain data shows. 
• Hyperliquid’s DEX volume and Ethena TVL hit a record high. 
• The technical outlook for DeFi tokens remains mixed amid broader market volatility.

Arthur Hayes, the co-founder of BitMEX and known for his astute market trades, has recently increased his holdings of Hyperliquid (HYPE), Ethena (ENA), and Lido (LDO), on-chain data shows. The move comes as on-chain metrics of tokens like Hyperliquid and Ethena reach record highs even as the technical outlook remains mixed. 

Arthur Hayes expands his DeFi holdings

An X post from Lookonchain indicates that Arthur Hayes holds multiple Decentralized Finance (DeFi) tokens. Over the last 24 hours, 375,000 LDO and 350,000 ENA tokens, worth approximately $519,500 and $253,350, respectively, have been added to the wallet. 

The post also highlights the purchase of 11,000 HYPE tokens worth over $530,000. Hayes’s doubling down on these tokens highlights his increased confidence in a potential bull market after the recent Ethereum (ETH) sell-off and buyback. 

Hyperliquid eyes an all-time high 

Hyperliquid edges higher by 6% at press time on Friday, eyeing the $50 psychological milestone, which would mark a new all-time high. The uptrend faces opposition at the $48.56 level, marked by the July 13 close. 

A decisive push above this level could extend the uptrend to the R2 pivot level at $55.58. 

DeFiLlama data shows the Decentralized Exchange (DEX) volume is at $1.07 billion, down from the all-time high of $1.26 billion on Thursday. The recent surge in DEX volume highlights rising activity, leading to increased revenue and HYPE demand.

Hyperliquid DEX Volume. Source: DeFiLlama

The Relative Strength Index (RSI) is currently at 62, maintaining a steady uptrend as buying pressure gradually increases. Additionally, the Moving Average Convergence Divergence (MACD) indicator suggests increasing bullish momentum as both the MACD and signal lines maintain an uptrend. 

HYPE/USDT daily price chart.

Looking down, a reversal from the $48.56 resistance could test the 50-day Exponential Moving Average (EMA) at $41.57.

Ethena eyes $1 as TVL hits record high

Ethena holds above the $0.7000 round figure, rising by nearly 1% at the time of writing on Friday. The Golden Cross, formed by the intersection of the 100-day and 200-day EMAs, indicates that the outlook is turning bullish. 

DeFiLlama data shows that the Total Value Locked (TVL) on Ethena has reached an all-time high of $11.145 billion from $11.066 billion the previous day. An increase in TVL points to heightened activity on the network based on digital asset deposits. 

Ethena TVL. Source: DeFiLlama

Still, the declining MACD line risks crossing below its signal line, which would flash a sell signal. Additionally, the RSI is at 61, dropping from the overbought zone, which suggests lower buying pressure. 

To reinforce an upward trend, ENA should mark a decisive close above the $0.7982 resistance, potentially targeting the $1.0000 psychological level.

ENA/USDT daily price chart.

On the contrary, a slip below $0.6576 could extend the decline to the 50-day EMA at $0.5364. 

Downside risk escalates for Lido 

LDO trades at $1.383 at the time of writing on Friday, retracing from the high of $1.444. The intraday loss of ground risks extending the recent declining trend below the $1.374 support level, marked by the March 2 close. 

A decisive push below this support could test the $1.179 level, marked by the high of May 10. 

Similar to Ethena, the momentum indicators suggest a decline in bullish momentum. On the daily chart, the RSI drops to 64 from the overbought zone, while the MACD and its signal line move closer to each other, risking a trend reversal. 

LDO/USDT daily price chart.

Looking up, a bounce from the $1.374 support could reach the weekly high of $1.628.