Arthur Hayes, co-founder of BitMEX, liquidated $13.35 million in cryptocurrency holdings on August 2, 2025, during a broader market dip. The sale included 2,373 Ethereum (ETH) and 7.7 million Ethena (ENA) tokens, alongside undisclosed amounts of Pepe (PEPE).
This move starkly contradicted Hayes' recent public bullish statements, where he proclaimed on social media: "$ETH is following and will outperform, get ready for a monster alt szn" and noted "market conditions have shifted, prompting a bullish outlook." The divergence between his optimistic rhetoric and actual selling behavior amplified market concerns.
Immediate price impacts were observed: Ethereum fell 5%, while ENA and PEPE each dropped approximately 2%. Blockchain analytics platform Lookonchain tracked the wallet activity, highlighting how high-profile liquidations can intensify downturns. Historical patterns suggest such sales by influential figures often trigger short-term panic selling, particularly in volatile assets.
The event underscores crypto markets' vulnerability to whale movements and raises questions about alignment between influencer commentary and trading actions during economic uncertainty. While no direct regulatory implications were noted, the sell-off could affect liquidity and investor confidence in the near term.