Arthur Hayes, the former CEO of BitMEX, dumped Ethereum, Pepe, and Ethena worth millions of dollars, joining a broader market sell-off.
The cryptocurrency market has taken an unexpected turn, and some market users are already selling. Hayes, who is a long-standing bull, joined the trend yesterday, data from Arkham shows.
For context, wallet address “0x6cd6,” marked as Arthur Hayes by Arkham, moved Ethereum, Pepe, and Ethena to multiple trading platforms on August 1, potentially to sell them. This comes following a broader market dump, which saw Bitcoin and Ethereum fall 1.50% and 4.63% in the past 24 hours.
Arthur Hayes Offloads His Cryptos
Notably, the selloffs started with Ethena, with the wallet moving 7.764 million ENA tokens to Binance Deposit on August 1 at precisely 20:03 (UTC). Notably, this is all his ENA holdings, worth $4.62 million at the time of the transfer.
Two minutes later, he transferred 38.86 billion PEPE worth $415,470 to Cumberland DRW. Arthur then started converting his wrapped Ethereum (WETH) to Ethereum for sale.
Arkham shows that he unwrapped 2,095 ETH ($7.86 million) over two transactions on the Uniswap V3 pool, receiving the 1:1 reciprocal in Ethereum. Following the conversion, he transferred them to centralized trading platforms.
First, he moved 1,000 ETH ($3.5 million) to B2C2, a liquidity provider and trading platform based in London. He then offloaded 1,373 ETH ($4.82 million) to Binance Deposit, bringing the total to 2,373 ETH ($8.32 million).
Notably, the offset came from his outstanding Ethereum stash, currently standing at 233,444 ETH ($824,390).
A Broader Market Ethereum Sell-Off
Meanwhile, Lookonchain identified that besides Hayes, other whales are also selling Ethereum. The analytical platform shared that the wallet address “0x3c9E” has deposited 26,182 ETH ($93.66 million) to several exchanges, including Binance, Bybit, OKX, and Kraken, in the past 48 hours.
Coinbase and Binance have also been depositing Ethereum to Wintermute. In the past 24 hours, they have moved thousands of Ether to the platform, potentially to use its OTC services to dump them with minimal market impact.
Some Others Are Buying the Dip
Nonetheless, some still see the Ethereum correction as an opportunity to buy cheap. For context, a new wallet, “0xdf0A,” received 16,496 ETH ($58.5 million) from the Galaxy Digital OTC address.
Lookonchain pointed out that a total of 12 new wallets have bought 808,347 ETH ($2.85 billion) since July 9.
Meanwhile, SharpLink Gaming also bought the dip, spending another 108.57 million USDC to buy Ethereum. Lookonchain noted that it received 14,933 ETH ($52.5 million) a few hours ago, bringing the Ethereum treasury company’s total Ether holding to 464,209 ($1.63 billion).
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