Ethereum News Today: Arthur Hayes Sells $13.35M in Crypto as Market Falls 5% in 24 Hours

Arthur Hayes, co-founder of the now-defunct cryptocurrency derivatives exchange BitMEX, executed a large-scale sell-off of $13.35 million in digital assets on August 2, 2025, amid a broader market downturn [1]. The sale included 2,373 Ethereum (ETH) tokens ($8.32 million), 7.76 million Ethena (ENA) tokens ($4.62 million), and 38.86 billion Pepe (PEPE) tokens ($415,000), transacted over a six-hour period [1]. During the same 24-hour window, Ethereum fell more than 5% to below $3,600, while ENA and PEPE both dropped approximately 2% [1]. The move surprised many given Hayes’s past bullish outlook on altcoins and his recent accumulation of Ethena.

Hayes had previously purchased 2.16 million ENA tokens for about $1.03 million on July 25, acquiring them from exchanges including Binance, Galaxy Digital, and Flowdesk [1]. This buying activity suggested a strategic buildup before selling in response to deteriorating market conditions. The ENA price had surged over 40% to $0.7 in the prior week, driven by two major developments: the launch of USDtb, the first stablecoin compliant with the U.S. GENIUS Act by Anchorage Digital and Ethena Labs, and a $260 million ENA token buyback by the Ethena Foundation [1].

The broader decline in crypto prices was attributed to former U.S. President Donald Trump’s announcement of new tariffs, which triggered a risk-off sentiment and led to Bitcoin dropping to $113,000 within 24 hours [1]. Most altcoins followed Bitcoin’s downward trend as bullish momentum dissipated. Spot Bitcoin ETFs recorded $812 million in outflows on Friday—the second-largest one-day loss ever—while Ethereum ETFs also saw significant withdrawals. According to CryptoQuant’s Julio Moreno, this marked the third major profit-taking wave of the current bull cycle, a pattern often preceding market corrections.

Hayes’ trades highlight a tactical approach to managing exposure in a highly volatile market. His accumulation of ENA indicated a belief in its short-term potential, while the large-scale sale signified a shift in strategy amid worsening conditions. His actions also underscore the influence high-profile investors can have on market sentiment and liquidity in the crypto space [1]. Analysts have noted that such moves may reflect a calculated risk adjustment rather than a long-term bearish stance. Hayes has maintained that Ethereum could eventually reach $10,000 and recently invested $1.5 million in Ethena at lower prices. His latest move may be an effort to lock in profits and preserve capital for re-entry when market conditions stabilize—consistent with his history of buying into weakness and exiting during turbulence.

Source:

[1] https://cryptobriefing.com/arthur-hayes-selloff-eth-pepe-ena/

[2] https://www.ainvest.com/news/ethereum-news-today-arthur-hayes-sells-13m-eth-ena-pepe-5-crypto-market-drop-2508/

[3] https://www.ainvest.com/news/ethereum-news-today-arthur-hayes-sells-13-35m-crypto-ethereum-drops-5-2508/