Ethereum News Today: Arthur Hayes Sells $13M in ETH ENA PEPE Amid 5% Crypto Market Drop

Arthur Hayes, co-founder of BitMEX, sold approximately $13 million in cryptocurrency assets, including 2,373 Ethereum (ETH), 7.76 million Ethena (ENA), and 38.86 billion Pepe (PEPE) tokens over a six-hour period on August 2, 2025, as the broader crypto market experienced a pullback [1]. The sale occurred amid a sharp decline in major crypto assets, with Ethereum falling more than 5% to below $3,600 over the previous 24 hours, while ENA and PEPE both dropped around 2%, according to CoinGecko data [1].

The move followed a recent surge in ENA’s price, which had risen more than 40% to $0.7 in the preceding week. This rally was 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 announced by the Ethena Foundation [1]. Prior to the sale, Hayes had accumulated over 2 million ENA tokens following the USDtb launch, growing his total holdings to 7.76 million before the recent offloading.

Hayes had also purchased 2.16 million ENA tokens on July 25 at a cost of approximately $1.03 million, acquiring them from exchanges including Binance, Galaxy Digital, and Flowdesk [1]. This activity suggests a strategic position-building effort before initiating the sale in response to market conditions.

The broader market decline was triggered by the announcement of new tariffs by former U.S. President Donald Trump, which led to a risk-off sentiment and sent Bitcoin plummeting to $113,000 [1]. The sell-off highlighted the continued sensitivity of the crypto market to macroeconomic and political developments, with most altcoins following Bitcoin’s downward trajectory as bullish momentum faded.

Hayes’ recent trades reflect a tactical approach to managing exposure in a volatile market. While his accumulation of ENA indicates a belief in its short-term potential, the large-scale sale suggests a shift in strategy amid deteriorating market conditions. The move also underscores the role of high-profile investors in shaping market sentiment and liquidity in the crypto space.

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