Source: TradingViewArthur Hayes Calls ENA a Potential "Quick 5X"In his Aug. 11 essay Yen-quake, Hayes described ENA as a beaten-down crypto asset capable of delivering outsized returns if Bitcoin enters another liquidity-driven rally. Source: DefiLlamaEven modest growth in dollar liquidity could push BTC higher, widening crypto basis yields and making USDe more attractive again. Hayes called ENA a potential "quick 5x over the next few months," while saying the token could eventually deliver gains of 5–10 times from current levels. Fed Liquidity Expansion Is Central to Hayes' ENA BetHayes' bullish ENA outlook depends heavily on his broader macro thesis involving Japan and the US Federal Reserve. An expansion of FIMA usage would therefore increase the Fed's balance sheet and inject additional dollar liquidity into financial markets.