Arthur Hayes Sparks Market Frenzy: Dumps $13M in ETH, ENA, and PEPE in Lightning Move

Crypto heavyweight Arthur Hayes just sent shockwaves through the market—liquidating over $13 million worth of Ethereum (ETH), Ethena (ENA), and meme coin PEPE in mere hours. Was it a strategic exit or panic selling? The charts don’t lie… but traders might.

The Whale Moves Fast

No gradual unwind here—Hayes slashed positions like a trader chasing stop-losses. ETH, the blue-chip darling? Sold. ENA, the DeFi dark horse? Gone. Even PEPE, the meme coin that refuses to die, got the axe. When a player like Hayes makes moves this big, the market pays attention.

Timing Is Everything

The crypto elite don’t dump bags without reason. Was this a hedge against macro risks, or just another ‘buy the rumor, sell the news’ play? Either way, it’s a reminder: in crypto, ‘long-term hold’ is just what bagholders tell themselves.

The Aftermath

Watch for ripple effects—especially in altcoins. When whales sell, retail often follows… usually at the worst possible time. Pro tip: if you’re taking financial advice from a PEPE holder, you’ve already lost.

Hayes explains his bearish sentiment on the macro picture

In a follow-up post on his personal X account, Hayes addressed speculation about the liquidation. “US Tariff bill coming due in 3Q … at least the market believes that after NFP print. No major economy is creating enough credit fast enough to boost nominal GDP. So $BTC tests $100k, $ETH tests $3k,” he wrote.

Y? US Tariff bill coming due in 3q … at least the mrkt believes that after NFP print. No major econ is creating enough credit fast enough to boost nominal gdp. So $BTC tests $100k, $ETH tests $3k. Come see my @WebX_Asia Tokyo keynote Aug 25 for more info. Back to the beach. https://t.co/zuHlwgQKC7

— Arthur Hayes (@CryptoHayes) August 2, 2025

The reference to the U.S. Non-Farm Payroll (NFP) report, which showed a sharp slowdown in job creation, with only 73,000 new jobs added in July. Hayes points to those underwhelming numbers as the reason for his concerns around waning economic momentum.

In his view, the combination of weak labor market data and the expiration of U.S. tariff suspensions in Q3 signals a slowdown in credit creation that will weigh heavily on nominal GDP growth. Hayes argues that in such an environment, speculative assets like crypto will face significant pressure.

Sell-off spurs market speculation

In total, Lookonchain estimates Hayes sold 2,373 ETH, worth about $8.3 million, 7.76 million ENA valued at $4.6 million, and 38.86 billion PEPE, worth approximately $414,000. The speed and size of the transactions were seen as noteworthy, especially given the relatively low liquidity in altcoins like ENA and PEPE.

However, not everyone believes the sales signal panic. Some analysts argue that the BitMEX co-founder is simply capitalizing on recent price rallies while preparing for potential downside risk amid macro turbulence.

Hayes has promised to unpack his outlook in full during a keynote address at WebX Asia in Tokyo on August 25, one of the most anticipated conferences in the Asian crypto calendar.

The timing of Hayes’ market commentary is also crucial. Should the BitMEX co-founder’s macro predictions prove correct, traders may see a major correction before fresh capital enters the space, particularly from institutional investors.

For now, his forecast points to the growing influence of macroeconomic policy on digital asset markets.

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