Former BitMEX CEO Arthur Hayes sold significant holdings of Ethereum (ETH) and the Ethena (ENA) token, contributing to increased volatility across cryptocurrency markets. On-chain analytics tracked the disposal of 2,373 ETH alongside 7.7 million ENA tokens over a concentrated six-hour period, totaling a transaction value of approximately $13.3 million.
The timing of these substantial sales coincided with a notable price movement for Ethereum, which experienced a decline of approximately 5%. While multiple factors typically influence market prices, observers noted the sale’s significant size likely amplified downward pressure given its concentration.
The sales exerted pressure not only on Ethereum but also on the value of the ENA token, issued by the Ethena decentralized finance (DeFi) protocol. Market participants have highlighted that transactions of this magnitude, especially from well-known figures, often act as catalysts for rapid price fluctuations and heightened volatility. This event underscores the market’s sensitivity to large-scale liquidation events.