Cryptocurrency trader Arthur Hayes sells $8.3 million worth of Ethereum while SharpLink acquires $100 million - Debating the future of Ethereum
In the world of cryptocurrencies, the moves of key players can often have a significant impact on the market. This is particularly true for Ethereum, as two influential figures, Arthur Hayes and SharpLink Gaming, have recently shown increased activity in the digital asset.
On August 1st, Arthur Hayes, a well-known figure in the crypto community and co-founder of BitMEX, sold a portion of his crypto portfolio, including 2,373 ETH, 7.76 million ENA tokens, and nearly 39 billion PEPE tokens. However, this sell-off occurred in just six hours, as tracked by Onchain Lens. Despite this, Arthur Hayes expressed caution about the potential testing of Bitcoin's support level at $100k and Ethereum’s support level at $3k.
Meanwhile, SharpLink Gaming, a major Ethereum whale, has not only doubled down on its commitment to Ethereum but has also acquired over $100 million worth of ETH in the past 30 days. This accumulation, along with that of other whales, signals strong confidence in Ethereum’s near-term and long-term prospects.
The recent data show that whales, including key institutional players and corporations like SharpLink Gaming, have accumulated over 1.8 million ETH in the past month. One anonymous whale even accumulated roughly $670 million worth of ETH (171,015 tokens) over four days via multiple wallets, indicating a structured, long-term buying strategy that reflects bullish sentiment.
This accumulation occurs alongside Ethereum surpassing the $4,000 price mark for the first time in months. Bullish technical indicators such as an RSI near 72 and a MACD crossover support potential upward momentum toward $5,000 and possibly $6,400 in the medium term. The market is keenly awaiting the November 2025 Fusaka upgrade, which aims to enhance scalability, along with potential SEC approval of staked ETH ETFs, both expected to reinforce institutional interest and price growth.
Short-term analyst views highlight potential volatility and probable short profit-taking around the $4,000–$4,600 levels. However, the strong whale accumulation suggests any corrections may be brief before resuming an upward trajectory.
In summary, the strategic, high-volume accumulation by whales such as SharpLink Gaming—and likely influential figures like Arthur Hayes—signals strong institutional confidence that underpins Ethereum’s positive short-term trajectory. Bullish technicals and upcoming network upgrades further support this outlook. However, some near-term volatility is expected as the price consolidates around current highs.
- The selling action of Arthur Hayes, a prominent crypto figure, could potentially influence the market sentiment, as he recently sold a significant amount of Ethereum, ENA tokens, and PEPE tokens.
- Whale activity, like that of SharpLink Gaming, has recently demonstrated confidence in Ethereum's future by accumulating over $100 million worth of ETH in the past 30 days.
- The crypto market is closely watching Ethereum's price, as it has surpassed the $4,000 mark for the first time in months, and technical indicators point towards potential upward momentum.
- Short-term analysts predict that Ethereum might experience volatility and short-term profit-taking around the $4,000–$4,600 price levels, but any corrections may be temporary.
- The upcoming Fusaka network upgrade and potential SEC approval of staked ETH ETFs are expected to bolster institutional interest and drive further price growth for Ethereum.
- Caution should still be exercised when investing in cryptocurrencies, as price predictions can be uncertain, and market conditions can change rapidly.
