Arthur Hayes Offloads ETH, PEPE, ENA Without Touching BTC

In the span of a few hours, Arthur Hayes, the former CEO of BitMEX, sold more than 13 million dollars in crypto, while the market evolves in a consolidation phase. The operation intrigues as much as it worries, due to its scale, but especially because of its timing. This move, far from trivial, could signal a global change of course.

A massive unloading that looks like repositioning

On August 1^st, 2025, Arthur Hayes conducted transfers of assets totaling 13.35 million dollars to exchange platforms, while he predicted that bitcoin would collapse… then explode to 1 million dollars. According to published on-chain data, the cryptos involved are : Ethereum (ETH), Pepe (PEPE), and Ethena (ENA).

The transactions, observed via wallets publicly associated with the former CEO of BitMEX, have been interpreted as sales by several blockchain analysts. This move happened in a context of consolidation of the bitcoin price, which was stabilizing in a narrow range around 114,000 to 115,000 dollars. Although Hayes did not publicly comment on this operation, the scale and timing of his sales have not failed to attract market attention.

The choice of assets involved in this massive sale seems far from trivial. It provides indications on the rebalancing strategy adopted by Hayes, especially in an environment marked by increased volatility. Here are the main characteristics of this unloading :

• ETH (Ethereum) : considered a reference asset, ETH represents a significant part of institutional portfolios. Its sale could signal profit-taking or a temporary reduction in exposure ;

• PEPE : a notoriously speculative memecoin, its rapid liquidity can make it a preferred target in case of portfolio repositioning ;

• ENA (Ethena) : a newer token, potentially riskier, often subject to strong price variations, making it a priority asset to exit in case of uncertainty.

In short, Arthur Hayes seems to have taken a tactical position, favoring liquidity and active short-term management, without touching his Bitcoin positions, a signal that the most attentive investors will certainly note.

A bullish stance intact on bitcoin, despite sales

Alongside this sequence of sales, Arthur Hayes reaffirmed his long-term conviction : “bitcoin will test the 100,000 dollar threshold”, he declared bluntly.

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

A striking statement, which contrasts with the short-term bearish signals visible in the market, and especially with his own altcoin asset sales. This apparent paradox is however not new for Hayes, used to these positions that contravene and to tactical adjustments while maintaining a fundamental strategic line.

This positioning is partly explained by the current state of the market. If technical indicators point to a short-term bearish structure, especially on 1h and 4h charts, several signals suggest that bitcoin could consolidate a base around 114,000 dollars.

Hayes could therefore have opted for a temporary repositioning, without questioning his bullish thesis. The distinction is important. He did not sell BTC, but altcoins, which could reflect a desire to reduce his exposure to the most volatile cryptos, while being ready to strengthen his bitcoin positions if a correction offers a better entry window.

In the medium term, this strategy reveals several scenarios: a reallocation to BTC in case of a drop below 110,000 dollars, or a return to certain altcoins if the market regains momentum. For now, the key area to watch remains the 118,000 dollar threshold for a relaunch of the bullish trend towards 250,000$ by the end of this year.