Ethereum News Today: Arthur Hayes Sells $13.35M in ETH and Tokens Amid Ethereum Sell-Off to $3,500 Support Level

Arthur Hayes, co-founder of BitMEX, has intensified Ethereum’s recent sell-off by offloading significant portions of his cryptocurrency holdings, sparking concerns over potential downward pressure on the $3,500 support level [2]. On-chain data reveals that Hayes sold 2,373 ETH, valued at approximately $8.32 million, alongside 7.76 million ENA tokens worth $4.62 million and 38.86 billion PEPE tokens valued at around $414,700. The transactions occurred within a six-hour window and were executed via platforms such as Uniswap, Flowdesk, and Binance, with counterparties including B2C2 Group and Cumberland DRW [2]. Prior to the sales, Hayes also received multiple USDC inflows into his wallets before transferring assets to centralized exchanges, suggesting a strategic rebalancing or profit-taking move [2].

The sell-off coincides with broader market dynamics that hint at a possible correction. Hayes highlighted in a public post that global credit conditions are weakening, citing the impending expiration of the U.S. tariff bill in Q3 and the inability of major economies to generate sufficient credit to boost nominal GDP. Based on this macroeconomic outlook, he suggested that Ethereum could test the $3,000 level, while Bitcoin may retest $100,000 [2]. His comments have fueled discussions around the potential impact of global fiscal policy on digital assets, particularly Ethereum.

Despite the selling activity, Hayes still maintains a long-term bullish stance. He invited followers to attend his keynote at WebX Asia in Tokyo on August 25 for further insights, closing his message with “Back to the beach,” a phrase often interpreted as a sign of quiet confidence [2]. His views have, however, divided the market. Some analysts interpret the sell-off as a bearish signal, with the expectation of lower prices and a potential re-entry at more favorable levels. Others argue it could simply be a routine portfolio adjustment, given his history of taking bold positions during macroeconomic events [2].

Market observers are now closely watching the $3,500 level, a key Fibonacci support zone, to gauge whether bulls can defend Ethereum from further declines [1]. The recent price action suggests a bearish bias, with Ethereum sitting just above the 0.236 Fibonacci level amid increased selling pressure from large holders [1]. Analysts caution that while long-term fundamentals for Ethereum remain intact, short-term volatility could persist as macroeconomic uncertainties weigh on risk appetite.

Arthur Hayes' activities continue to draw attention in the crypto space due to his track record and market influence. His recent trades have added to the ongoing debate over Ethereum’s near-term direction and the broader implications of global credit conditions on digital asset markets [2]. As the market digests these developments, the coming days will be critical in determining whether the $3,500 level holds or if further downside is in play.

Source:

[1] CoinGape (https://coingape.com/markets/ethereum-price-prediction-can-bulls-defend-the-3500-support-zone-as-arthur-hayes-joins-selloff/)

[2] The Crypto Times (https://www.cryptotimes.io/2025/08/02/arthur-hayes-thinks-bitcoin-will-retest-100k-eth-will-shrink-to-3k/)