- Arthur Hayes’ massive ETH, ENA, and PEPE sell-off sparks fresh market concerns
- Ethereum breaks key levels, struggles to hold support near $3,445 amid volatility
- ENA and PEPE hover near critical supports, raising fears of deeper bearish moves
Crypto markets faced renewed bearish pressure after Arthur Hayes, co-founder of BitMEX, offloaded a significant portion of his holdings. According to data from Lookonchain, Hayes sold 2,373 ETH worth approximately $8.32 million, along with 7.76 million ENA valued at $4.62 million, and 38.86 billion PEPE totaling $414.7K. These large-scale liquidations coincided with a broader market downturn, leaving investors questioning whether a deeper correction is underway.
Arthur Hayes(@CryptoHayes) sold 2,373 $ETH($8.32M), 7.76M $ENA($4.62M) and 38.86B $PEPE($414.7K) in the past 6 hours.https://t.co/1HymJRPhcj pic.twitter.com/MoJNKUjJaQ
— Lookonchain (@lookonchain) August 2, 2025
Significantly, Hayes hinted at macroeconomic headwinds, citing concerns around a looming U.S. tariff bill expected in Q3. This development, paired with the latest Non-Farm Payroll (NFP) data, has reignited fears that no major economy is expanding credit fast enough to stimulate nominal GDP growth. In this context, Hayes implied a potential test of $100,000 for Bitcoin and $3,000 for Ethereum, as global markets brace for a monetary shift.
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
Ethereum Slides as Key Levels Break
Ethereum (ETH) struggled throughout the day, shedding 4.38% to settle near $3,489.38. It opened around $3,764 and steadily declined amid heightened volatility. The 24-hour trading volume surged by 12.04%, signaling strong sell-side momentum.
Support formed near $3,445, where a slight rebound occurred. However, this level remains fragile. A breakdown could push prices toward the psychological $3,400 barrier. On the upside, Ethereum faces resistance at $3,560 and stronger selling pressure near $3,700. Until a decisive recovery breaks above these points, the trend remains bearish.
ENA and PEPE Show Signs of Weakness
Ethena (ENA) also endured selling pressure, falling 5.62% to $0.5479. Despite a strong Total Value Locked (TVL) of $8.78 billion and growing user adoption, ENA hovered dangerously close to support at $0.547. A slip below this could lead to a retest of $0.540 or lower.
Resistance remains firm at $0.580 and $0.600, levels that repeatedly rejected recovery attempts. Meanwhile, meme coin PEPE hovered at $0.00001040, down 1.93%. It consolidated within a tight range, indicating indecision but leaning bearish.
The coin faces key support at $0.00001011, with psychological support just below at $0.00001000. A break of this range could trigger accelerated losses.
