Arthur Hayes triggered fresh market jitters after blockchain analytics account Lookonchain reported that he offloaded roughly $28.8 million in tokens over a 24-hour window. The sales centered on Ethena (ENA) and Ethereum (ETH), two assets that have been in focus amid mixed crypto sentiment.
The largest disclosed ENA transaction was a $2.73 million sale of 14 million ENA tokens. Hayes logged about $6.65 million in realized profits from the ETH and ENA trades, while breaking even on Uniswap (UNI) and Pendle (PENDLE) positions. Earlier attention on ENA had already intensified after on-chain data showed sentiment targets collapsing from $10 in 2024 to $1 today.
Further scrutiny came after StablecoinX was reported to hold 3 billion ENA, adding possible concentration and supply-overhang concerns. Although no fresh 24-hour trading volume or immediate price changes were reported, traders are watching key support and resistance levels for signs of reversal or further decline.
The episode highlights how high-profile whale moves can shift sentiment quickly. With market participants reassessing ENA and ETH exposure, near-term volatility remains a central risk.
