Arthur Hayes Sparks Panic with Massive Crypto Transfers
Some market participants are already selling as a result of the unexpected turn the cryptocurrency market has taken. According to Arkham data, longtime bull Arthur Hayes, the former CEO of BitMEX, joined the trend yesterday.
On August 1, wallet address “0x6cd6,” identified by Arkham as Hayes, transferred Ethereum, Pepe, and Etherna to several trading sites, possibly to sell them. This follows a general market meltdown that saw Ethereum and Bitcoin drop 3.88% and 1.23% over the last day, respectively.
Hayes Liquidates ENA, PEPE & ETH in Rapid-Fire Transfers
On August 1 at exactly 20:03 (UTC), the wallet sent 7.764 million ENA tokens to Binance Deposit, marking the commencement of the sell-offs with Etherna. This includes all of his ENA assets, which at the time of the transfer were valued at $4.62 million. He sent $415,470, or 38.86 billion PEPE, to Cumberland DRW two minutes later. Hayes then began turning his wrapped Ethereum (WETH) into a marketable Ethereum.
Arkham demonstrates that he received the 1:1 reciprocal in Ethereum after unwrapping 2,095 ETH ($7.86 million) over two transactions on the Uniswap V3 pool. He moved them to centralized trading platforms after the conversion. He started by transferring 1,000 ETH ($3.5 million) to London-based B2C2, a trading platform and liquidity provider. After that, he transferred 1,373 ETH ($4.82 million) to Binance Deposit, making 2,373 ETH ($8.32 million) in total.
Massive Whale Movements: $152M ETH Sold & Bought in 48 Hours
In the meantime, Lookonchain discovered that additional whales are selling Ethereum in addition to Hayes. According to the analysis platform, throughout the last 48 hours, the wallet address “0x3c9E” has deposited 26,182 ETH ($93.66 million) to several exchanges, including Binance, Bybit, OKX, and Kraken.
However, other people continue to view the Ethereum correction as an opportunity to purchase at a lower price. For comparison, the Galaxy Digital OTC account sent 16,496 ETH ($58.5 million) to a new wallet called “0xdf0A.” In conclusion, Lookonchain noted that since July 9, 12 new wallets have purchased 808,347 ETH ($2.85 billion).
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