Blockchain tracking data shows Hayes unloaded roughly 2,373 ETH ($8.32 million), 7.76 million ENA tokens ($4.62 million), and nearly 39 billion PEPE tokens (around $415,000) in a move that surprised many given his past bullish outlook on altcoins.
The sell-off came as Bitcoin slipped to $112,731 within 24 hours, coinciding with what CryptoQuant’s Julio Moreno describes as the third major profit-taking wave of the current bull cycle—a pattern that often precedes market corrections. Adding to the pressure, spot Bitcoin ETFs recorded $812 million in outflows on Friday, their second-largest one-day loss ever, while Ethereum ETFs also saw substantial withdrawals.
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Hayes has previously warned traders to brace for volatility, particularly in light of upcoming U.S. tariffs on over 60 countries, set to take effect August 7. The White House’s trade measures, paired with Federal Reserve concerns over potential inflation, have amplified bearish sentiment.
While the timing of Hayes’s liquidation raised questions, it may be more of a calculated risk adjustment than a shift to a long-term bearish stance. In recent months, he has maintained that Ethereum could eventually climb to $10,000, and just weeks ago he invested $1.5 million in Ethena (ENA) at lower prices. His latest move may be an effort to lock in profits and preserve capital for re-entry when market conditions stabilize—consistent with his history of buying into weakness and exiting during turbulence.
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