BitMEX founder Arthur Hayes said the basis trade is showing signs of a comeback and could particularly benefit Ethena's ENA. On Aug. 25 he noted that over-the-counter brokers had begun asking about borrowing dollars, calling the inquiries a positive sign that the basis trade was becoming active again even though rates remained too low. Hayes said ENA would be a particular beneficiary and still has significant upside. He has previously invested in ENA through his family office, Maelstrom, and earlier this month accumulated 22.64 million ENA worth about $2 million. He has also argued that greater dollar liquidity could lift Bitcoin, revive Bitcoin basis-trade yields and draw funds back into USDe, potentially allowing ENA to rise fivefold over coming months. HTX market data showed ENA down 7.1% over 24 hours at $0.15.