Arthur Hayes Offloads Altcoins: Here’s What’s Getting the Axe

Crypto heavyweight Arthur Hayes makes moves—liquidating altcoin holdings in a market that never sleeps. Is this a tactical retreat or a bearish bellwether?

Which altcoins got cut?

Hayes’ portfolio purge targets underperformers—no mercy for deadweight. The crypto kingpin trims positions like a hedge fund on espresso.

Timing the exit

Market watchers speculate: Is this profit-taking at resistance levels, or a loss of faith in altseason’s comeback? Either way, traders scramble to decode the signal.

Meanwhile, Bitcoin maximalists smirk—another ‘altcoin funeral’ for their bingo cards. Just another day in crypto’s ruthless meritocracy where only the strong HODL.

ETH, ENA, PEPE Being Sold

As the data shared by the analytics resource Lookonchain points out, Hayes has used one of his known addresses to dispose of over $8 million worth of ETH, $4.6 million in ENA, and $414,700 worth of the third-largest meme coin by market cap – PEPE.

Later, the Maelstrom exec clarified that the reason for his sales is mostly related to Trump’s tariffs, many of which are set to be implemented starting from August 1. He believes BTC and ETH will retrace, as the former WOULD retest the $100,000 resistance, while the latter will head toward $3,000.

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

Hayes is far from the only larger crypto investor turning to a sell-off strategy amid this market uncertainty. Lookonchain identified an unknown whale that had deposited over $90 million worth of ETH to several exchanges within a span of just two days.

Not SharpLink, Though

While some whales and Hayes are rushing to sell ETH, the second-largest ether holder, SharpLink, has taken the opportunity to increase its impressive stash.

SharpLink(@SharpLinkGaming) spent another 108.57M $USDC to buy $ETH in the past 9 hours and received 14,933 $ETH($52.56M) 3 hours ago.

SharpLink now holds a total of 464,209 $ETH($1.63B).https://t.co/cW8EvzSFxthttps://t.co/7wH1lpRocu pic.twitter.com/weDyfVzm1J

— Lookonchain (@lookonchain) August 2, 2025

After accumulating another 14,933 ETH, the company now owns over $1.6 billion worth of Ethereum’s underlying asset (464,209 ETH), according to Lookonchain. Data from CoinGecko and strategicethreserve shows that SharpLink’s ethereum fortune is second only to Bitmine’s 566,766 ETH.