Arthur Hayes, BitMEX co-founder, sold a significant amount of Ethereum, triggering a selloff in the cryptocurrency market, with Ethereum's price dropping to $3,500 amid global macroeconomic uncertainties.
Arthur Hayes' Ethereum Sale
Arthur Hayes sold $13.3 million in Ethereum during a considerable market selloff. His actions intensified selling pressure around the $3,500 support level, negatively impacting Ethereum's short-term performance.
Market Impact and Forecasts
Hayes announced his sale on X, signaling a price dip to $3,000 as a buying target. "Sold my spot ETH, started rebuying at $3,000—macro still feels heavy. Expecting $3,000 for ETH and $100,000 for BTC before buying aggressively." His market predictions are influential due to his background in crypto derivatives and frequent interactions with market dynamics.
State of DeFi and Layer 2 Sector
Short-term pressure is observed across connected sectors, including Layer 2 solutions and DeFi protocols. Historical trends suggest temporary volatility due to large-scale selloffs by industry leaders. However, normal Ethereum ecosystem operations continue unaffected, with Layer 2 projects also showing resilience despite temporary pressure.
Historically, recoveries follow such dumps, bolstered by ETF inflows in Ethereum and sustained developer interest. Future outcomes depend on macro conditions and regulatory responses, with potential stabilization expected as inflow momentum resumes.
