Arthur Hayes, co-founder of BitMEX, moved to offload large amounts of digital assets after warning of looming economic strains. Over six hours, Hayes sold 2,373 ETH, 7.76 million ENA tokens, and 3.886 billion PEPE, according to Lookonchain.
His actions followed a tweet predicting a U.S. tariff bill due in Q3 and higher macroeconomic pressure after fresh non-farm payroll data.
Hayes Sells Major Holdings
Lookonchain data shows Hayes liquidated about $8.32 million worth of ETH at around $3,500 each. He also sold roughly $4.62 million in ENA and another $414,700 in PEPE.
The rapid sales have drawn attention across the crypto community, as Hayes is known for bold calls and large trades.
In his tweet, Hayes argued that no leading economy is creating credit fast enough to sustain nominal GDP growth. He warned that the tariff bill set for Q3 could tighten liquidity.
His view is that mounting pressure on credit markets will shake up asset prices. Despite this, he remains bullish on bitcoin and ether, expecting BTC to test $100,000 and ETH to revisit $3,000.
Also Read: BitMEX Co-Founder Arthur Hayes Says Trump’s Tariffs May Fuel Bitcoin Rally
Novogratz Sees Potential Breakout
Galaxy Digital’s Mike Novogratz offered a different spin. He pointed out that ETH may be consolidating before a fresh upward move.
Novogratz suggested that if ether can clear $4,000, it could attract a wave of new buyers. He said that a push past that level would not surprise him or his team.
Novogratz’s optimism is rooted in on-chain data that shows rising open interest in ether futures and more stablecoin inflows.
Traders adding leverage often signal growing conviction. At the same time, paused volume can precede a sharp move as markets take a breath before breaking out.
What This Means for Traders?
Hayes’s sell-off and Novogratz’s bullish forecast highlight the tug of war in crypto right now. Macro fears are rattling some holders, while technical and on-chain indicators give others reason to stay long.
Traders will watch closely for renewed strength above key price zones or a deeper correction below recent lows.
Ethereum’s Price Actions
Ethereum traded at $3,488.05 at the time of Hayes’s sales, down by 3.75% in the past 24 hours. The total crypto market cap stood at $420.68 billion, while trading volume fell by 7.17%. This pullback follows weeks of sideways action, with ETH failing to break convincingly above key resistance.
Chart watchers note that ETH has hit the same ceiling four times without a breakthrough. Many traders see this as a sign that the rally may be ending. Repeated rejections at resistance can sap momentum and lead to deeper pullbacks.
Also Read: Galaxy Digital Closes $175 Million Venture Fund To Back Early-Stage Crypto Startups