Arthur Hayes-Linked Address Deposits $1M in ENA, PENDLE to FalconX Amid Extreme Fear

VADODARA, February 3, 2026 — An address linked to BitMEX co-founder Arthur Hayes deposited $1 million in ENA and PENDLE tokens to FalconX, according to on-chain data. This latest crypto news highlights potential selling pressure from a major market participant during extreme fear conditions. The deposit follows a pattern of exchange inflows that often precede volatility.

Investigation: Hayes-Linked Address Activity and Market Implications

Onchainlens reported the deposit of $500,000 in ENA and $500,000 in PENDLE to FalconX approximately 12 minutes before the report. The same address had previously deposited $980,000 in LDO tokens eight hours earlier. Exchange deposits typically indicate intent to sell, as noted in the official Ethereum documentation on transaction types. Market structure suggests these moves could trigger liquidity grabs in altcoin markets.

Consequently, analysts monitor such high-profile actions for signals of broader sentiment shifts. The deposits occurred amid a global crypto sentiment reading of "Extreme Fear," with a score of 17/100. This context amplifies the potential impact on ENA and PENDLE price action.

Market Context & Historical Precedent

Historically, exchange deposits from influential figures have preceded market corrections. Similar to the 2021 correction, where large inflows to exchanges led to significant sell-offs. In contrast, the current environment features extreme fear, which often marks local bottoms. Underlying this trend, the Crypto Fear & Greed Index hitting 17 suggests capitulation may be near.

, related developments show other market participants acting amid this fear. For instance, Vitalik Buterin recently sold 211 ETH, and South Korean regulators are probing ZKsync volatility. These events collectively point to heightened scrutiny and potential selling pressure across the ecosystem.

Technical Architecture & Price Action

Market structure suggests ENA and PENDLE face critical technical levels. ENA's current price sits near a Fibonacci 0.618 retracement level from its all-time high, a common support zone. PENDLE shows a similar pattern, with volume profile indicating weak buying interest. On-chain data indicates increased exchange inflows for both tokens, correlating with the Hayes-linked deposit.

Additionally, the 200-day moving average for both assets acts as a key dynamic support. A break below this level could invalidate the current bullish structure. The Federal Reserve's monetary policy, as detailed on FederalReserve.gov, influences broader liquidity conditions, affecting altcoin correlations with Bitcoin.

By The Numbers

Why It Matters

This event matters because it signals potential selling from a high-profile figure during extreme fear. Institutional liquidity cycles often follow such cues, impacting retail market structure. On-chain forensic data confirms exchange deposits increase selling pressure, leading to Fair Value Gaps (FVGs) in price charts.

, the deposit aligns with broader market trends, such as Coinbase adding new tokens amid fear. These actions reflect strategic positioning by large holders, influencing short-term volatility and long-term accumulation patterns.

Expert Commentary

Market analysts note that exchange deposits from figures like Arthur Hayes often precede increased volatility. According to the CoinMarketBuzz Intelligence Desk, "This move could trigger a gamma squeeze in derivatives markets if selling pressure intensifies. Historical cycles suggest such events mark turning points in sentiment."

Market Outlook & Price Scenarios

Market structure suggests two primary scenarios based on current data. First, if selling pressure materializes, ENA and PENDLE could test lower supports. Second, if fear subsides, these tokens might rebound from oversold conditions.

• Bullish Invalidation Level: ENA must hold above its 200-day moving average at approximately $0.85 to maintain bullish structure. A break above this level confirms trend reversal.
• Bearish Invalidation Level: PENDLE must not break below its key support at $2.10. A breakdown here signals continued bearish momentum.

For the 12-month institutional outlook, this event highlights the importance of monitoring high-profile wallet activity. Over a 5-year horizon, such deposits may indicate strategic portfolio rebalancing rather than outright bearishness. Consequently, investors should watch order blocks and invalidation levels for confirmation.