Arthur Hayes Ditches Altcoins: What’s Behind the Crypto Exodus? 😂💸

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In the grand theater of cryptocurrency, July unfurled its curtains to reveal a spectacle of unprecedented heights, as the total market cap soared beyond the dizzying $4 trillion mark. Bitcoin, that ever-elusive beast, danced above $123,000, while a motley crew of altcoins, including the likes of XRP and BNB, reveled in their own triumphant rallies, reaching all-time highs. Ah, the sweet taste of success! 🍾

Yet, as the sun sets on this fleeting euphoria, the winds of fortune have shifted ominously. In recent days, many altcoins have plummeted, charting declines that would make even the most stoic investor weep. Bitcoin, too, has succumbed to gravity, sinking to a three-week low of under $113,000. The market, it seems, is a fickle mistress, and she has chosen to scorn us. 😱

Amidst this tempest of uncertainty—perhaps stirred by the latest tariffs from Trump and the ominous movements of US nuclear submarines near Russian shores—prominent figures in the crypto realm, such as Arthur Hayes, have begun to shed their holdings. What a time to be alive! Here’s a glimpse into the altcoins that the BitMEX co-founder has decided to part with in the last 24 hours. 🧐

ETH, ENA, PEPE: The Great Sell-Off

According to the ever-watchful analytics resource Lookonchain, Hayes has wielded one of his infamous addresses to offload over $8 million worth of ETH, $4.6 million in ENA, and a staggering $414,700 in the third-largest meme coin by market cap—PEPE. Yes, even the memes are not safe from the clutches of despair! 😂

In a moment of clarity, the Maelstrom executive revealed that his sales are largely a reaction to Trump’s impending tariffs, set to take effect on August 1. He posits that BTC and ETH are destined for a retracement, with Bitcoin poised to retest the $100,000 resistance and Ethereum heading toward the $3,000 mark. A bold prediction, indeed! 📉

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.

— Arthur Hayes (@CryptoHayes) August 2, 2025

But lo! Hayes is not alone in this exodus. The vigilant Lookonchain has identified an anonymous whale who, in a fit of panic or perhaps foresight, deposited over $90 million worth of ETH across various exchanges in a mere two days. The crypto seas are turbulent, and the sharks are circling! 🦈

Not SharpLink, Though

While some whales and Hayes scramble to liquidate their ETH, the second-largest ether holder, SharpLink, has seized this moment to bolster its already impressive hoard. A true contrarian move! 💪

SharpLink(@SharpLinkGaming) spent another 108.57M $USDC to buy $ETH in the past 9 hours and received 14,933 $ETH($52.56M) 3 hours ago.

SharpLink now holds a total of 464,209 $ETH($1.63B).

— Lookonchain (@lookonchain) August 2, 2025

With the acquisition of an additional 14,933 ETH, SharpLink now boasts a staggering $1.6 billion worth of Ethereum’s underlying asset (464,209 ETH), as reported by Lookonchain. According to data from CoinGecko and strategicethreserve, SharpLink’s Ethereum fortune is eclipsed only by Bitmine’s impressive 566,766 ETH. The game of crypto is indeed a high-stakes affair! 🎲

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2025-08-02 13:13