Arthur Hayes Deposits $1.28M in ENA to Bybit Amid Extreme Market Fear

VADODARA, December 31, 2025 — BitMEX co-founder Arthur Hayes deposited 6.27 million ENA tokens, valued at approximately $1.28 million, to the crypto exchange Bybit five hours ago. This latest crypto news emerges as the Crypto Fear & Greed Index plunges to 21/100, signaling extreme market fear. On-chain data indicates this deposit could represent a potential precursor to selling activity.

Market Context & Background

Market structure suggests institutional players are repositioning during extreme fear conditions. The Crypto Fear & Greed Index at 21 represents the lowest sentiment reading since the March 2023 banking crisis. Historical patterns indicate such extreme fear levels often precede significant volatility events. Related developments include the Fear & Greed Index hitting extreme lows, Bitmain's $352M ETH stake, and VOOI DEX integrating Chainlink CCIP during this sentiment trough.

What Happened?

According to data from Onchainlens, Arthur Hayes executed the deposit at 14:00 UTC on December 31, 2025. The transaction involved exactly 6,270,000 ENA tokens. At current market prices, this represents $1.28 million in value. The deposit went directly to Bybit's exchange wallet, bypassing intermediary addresses. Market analysts interpret exchange deposits as potential selling signals, though execution timing remains uncertain.

Technical Analysis & Price Action

ENA currently trades at $0.204, down 3.2% in the last 24 hours. The 50-day moving average sits at $0.218, creating immediate resistance. Volume profile shows increased selling pressure above $0.210. RSI reads 42, indicating neutral momentum with bearish bias. The Fibonacci 0.618 retracement level at $0.195 provides critical support. Bullish invalidation occurs below $0.185, where the 200-day moving average converges with the 0.786 Fibonacci level. Bearish invalidation requires a sustained break above $0.230, the previous order block high.

By The Numbers

Why It Matters

For institutional investors, Hayes' move signals potential profit-taking during extreme fear conditions. The deposit represents approximately 0.8% of ENA's daily trading volume, enough to impact short-term price action. Retail traders face increased volatility risk if large holders execute sell orders. Market structure suggests this could trigger a liquidity grab below $0.200. The timing coincides with broader market weakness, as detailed in the Federal Reserve's monetary policy framework influencing crypto correlations.

Community Sentiment

Market analysts on X/Twitter express divided views. Bulls argue this represents routine portfolio rebalancing during tax season. "Large holders often move assets to exchanges for year-end accounting," noted one quantitative analyst. Bears interpret the deposit as confirmation of distribution patterns. "Exchange inflows during extreme fear typically precede further downside," commented a derivatives trader. No official statement from Arthur Hayes or BitMEX has been released.

Price Prediction / Future Outlook

Bullish Case: If ENA holds above the Fibonacci support at $0.195, a rebound toward $0.230 is possible. Reduced selling pressure from large holders could create a fair value gap (FVG) between $0.210 and $0.225. Institutional accumulation during extreme fear, as seen with Bitmain's ETH stake, provides precedent for counter-trend moves.

Bearish Case: A break below $0.185 invalidates the bullish structure. This could trigger stop-loss orders and accelerate selling toward $0.165. The gamma squeeze potential diminishes if implied volatility remains suppressed. Market data indicates correlation with Bitcoin's performance at $88,301 creates additional downside risk.

FAQs

• What does Arthur Hayes' ENA deposit mean? Exchange deposits often signal potential selling, though timing and execution remain uncertain.
• How significant is $1.28M in ENA? It represents approximately 0.8% of daily trading volume, enough to impact short-term price action.
• What is the Crypto Fear & Greed Index? A sentiment indicator measuring market emotions from 0 (extreme fear) to 100 (extreme greed).
• Why does extreme fear matter for crypto? Historical data shows extreme fear often precedes volatility events and potential buying opportunities.
• What are invalidation levels in trading? Price points where a market hypothesis fails, requiring strategy reassessment.

Source Note: Market data and factual reporting in this article are sourced from original reports. Commentary and analysis provided by CoinMarketBuzz.