Arthur Hayes offloads $13 million in ETH, PEPE, and ENA amid market pullback

BitMEX co-founder Arthur Hayes sold approximately $13 million worth of crypto assets on Friday, including Ethereum, Ethena (ENA), and Pepe (PEPE), amid a market-wide decline, according to blockchain analytics platform Lookonchain.

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The sales comprised 2,373 ETH, 7.7 million ENA, and around 39 billion PEPE tokens. Over the past 24 hours, Ethereum fell 5% to below $3,600, while both PEPE and ENA declined about 2%, CoinGecko data shows.

ENA had gained over 40% to $0.7 in the past week following two key developments: the launch of USDtb, the first stablecoin compliant with the US GENIUS Act, by Anchorage Digital and Ethena Labs, and Ethena Foundation’s announcement of a $260 million ENA token buyback.

Hayes had accumulated over 2 million ENA tokens after the Anchorage Digital and Ethena Labs announcement, building his position to 7.7 million tokens before today’s sale.

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Friday’s market downturn was marked by Bitcoin’s plunge to $113,000 following President Trump’s announcement of new tariffs, which triggered a wave of risk-off sentiment. Most altcoins followed BTC as the bullish momentum faded.

Hayes previously predicted that crypto markets would move sideways to slightly lower between early July and Fed Chair Jerome Powell’s Jackson Hole Symposium speech in August, where he anticipated Powell might signal an end to quantitative tightening or announce regulatory changes.