Ethereum News Today: Arthur Hayes Sells $13.3M in ETH, ENA, and PEPE Amid Market Downturn

Arthur Hayes, the former CEO and co-founder of BitMEX, has executed a major cryptocurrency selloff involving $13.3 million in Ethereum (ETH), Ethena (ENA), and Pepe (PEPE) tokens, according to on-chain analytics. The transactions, detected via platforms like Arkham and Uniswap, include 2,373 ETH and 7.7 million ENA, among other assets. The move, which occurred over the course of six hours, has sparked discussions about the influence of major traders on market volatility [1].

The first notable transfer was 7.764 million ENA tokens, valued at approximately $4.62 million, sent to Binance. Two minutes later, Hayes transferred 38.86 billion PEPE tokens, worth $415,470, to Cumberland DRW. He then unwrapped 2,095 WETH ($7.86 million) on Uniswap V3, converting them to ETH. Additional ETH was sent to B2C2 and Binance, totaling 2,373 ETH valued at $8.32 million at the time [1].

These transactions coincided with a broader market downturn, with Ethereum dropping nearly 5% following the selloff. While Hayes has not provided a public explanation for the move, analysts speculate that the timing and volume of the trades could contribute to heightened short-term volatility, especially in a market already under pressure [2].

The sale comes amid a broader trend of selling pressure in the crypto space. Another wallet, identified as “0x3c9E,” transferred 26,182 ETH ($93.66 million) to multiple exchanges in the previous 48 hours. Additionally, both Coinbase and Binance have deposited thousands of ETH to Wintermute, likely to facilitate over-the-counter trading and reduce market impact [1].

Despite the selling activity, some market participants remain optimistic. A newly identified wallet, “0xdf0A,” received 16,496 ETH ($58.5 million) from Galaxy Digital, and SharpLink Gaming spent 108.57 million USDC to acquire 14,933 ETH, increasing its Ethereum holdings to 464,209 ETH ($1.63 billion). In total, 12 new wallets have collectively purchased 808,347 ETH ($2.85 billion) since July 9 [1].

Hayes’ decision to offload such a large portion of his holdings raises questions about his current confidence in Ethereum’s short-term trajectory. Previously a vocal bull on the asset, his latest actions suggest a potential shift in strategy amid ongoing uncertainty in the market. However, the broader trend reflects a mixed environment, with institutional and retail investors taking divergent positions [2].

The selloff highlights the significant impact whale activity can have on market sentiment. As large volumes of ETH continue to be moved to centralized exchanges, traders are closely watching for any further signs of instability. The timing and scale of Hayes’ transactions could influence broader market perception, particularly if other large holders choose to follow similar strategies [1].

Source:

[1] Arthur Hayes Joins The Market Sell-Off, Dumps Ethereum, Pepe, and Ethena Worth $13.3M – The (https://thecryptobasic.com/2025/08/02/arthur-hayes-joins-the-market-sell-off-dumps-ethereum-pepe-and-etherna-worth-13-3m/)

[2] Arthur Hayes Dumps Millions in Crypto Including ETH – Ground (https://ground.news/article/arthur-hayes-offloads-13-million-in-eth-pepe-and-ena-amid-market-pullback)