Ethereum News Today: Arthur Hayes Triggers 11.58% Ethena Drop with $13.35M Crypto Sell-Off

Arthur Hayes, co-founder of the now-defunct BitMEX exchange, recently triggered significant market reactions by offloading a large volume of digital assets, including Ethereum (ETH), Ethena (ENA), and PEPE, in a short period. The total value of the assets sold is estimated to be over $13.35 million. This move occurred during a particularly fragile phase in the crypto market, influenced by regulatory uncertainties and macroeconomic concerns, such as U.S. tariff policies and broader trade dynamics [1].

The most immediate impact was observed in the price of Ethena (ENA), which dropped 11.58% in a single day, trading at $0.5413. On-chain data revealed that Hayes sold 7.76 million ENA tokens, worth approximately $4.62 million, intensifying bearish sentiment in the altcoin market [3]. The token’s price fell below key technical levels, including the 7-day SMA and 30-day EMA, while the RSI indicator shifted from an overbought range into neutral territory. Additionally, daily trading volume declined by 25.67%, indicating a slowdown in market participation and reduced bullish momentum [3].

Hayes also liquidated a significant portion of Ethereum, selling around 2,373 ETH, equivalent to $8.32 million, in a single transaction [4]. This large-scale offload, combined with broader selling activity from whale accounts, contributed to a wave of profit-taking and panic selling across the market. Analysts have interpreted this as a sign of growing caution among investors, especially with heightened regulatory scrutiny of high-risk altcoins [1].

While Hayes has historically been regarded as a long-term bull for Bitcoin, his recent actions suggest a more defensive stance. In some reports, Hayes expressed the view that Bitcoin could test the $100,000 level if macroeconomic conditions worsen due to U.S. trade policies [5]. However, this should be understood as a macroeconomic assessment rather than a concrete market forecast.

The broader implications of Hayes’ actions extend beyond short-term price movements. As a prominent figure in the crypto industry, his decisions carry significant weight and influence, particularly for retail and institutional investors who closely monitor the behavior of major market participants. His sell-off coincided with evolving regulatory signals in Asia, further amplifying the sense of caution among traders [3].

The altcoin market is currently in a consolidation phase, as indicated by bearish technical indicators and declining volume. Investors are now closely watching whether the support zone for Ethena (ENA) between $0.44 and $0.47 can hold. A break below this range could lead to further declines and amplify risk-off sentiment in the broader crypto market [3].

As the industry navigates an environment of regulatory change and macroeconomic uncertainty, the actions of influential figures like Arthur Hayes continue to play a pivotal role in shaping market psychology and short-term price trends.

Source: [1] Arthur Hayes Shakes Crypto Markets with Massive Sell-Off (https://en.coin-turk.com/arthur-hayes-shakes-crypto-markets-with-massive-sell-off/)

[2] Ethereum (ETH) Price Prediction (https://bravenewcoin.com/insights/ethereum-eth-price-prediction-ethereum-crashes-below-3-5k-as-market-bleeds-is-the-bottom-in)

[3] Ethena Drops 11% as Arthur Hayes Triggers Profit-Taking (https://cryptodnes.bg/en/ethena-drops-11-as-arthur-hayes-triggers-profit-taking-wave/)

[4] A 'cold' non-farm payroll report sparks Trump's anger (https://news.futunn.com/en/post/60012285/a-cold-non-farm-payroll-report-sparks-trump-s-anger)

[5] Arthur Hayes Sells ETH, Predicts $100K BTC on Tariff Turmoil (https://coinfomania.com/arthur-hayes-sells-eth-predicts-100k-btc-on-tariff-turmoil/)