Hayes Begins First Major Sell-Off in the Early Hours

According to on-chain analytics platforms, Arthur Hayes initiated a significant wave of transfers early this morning. The tokens leaving his wallet were sent to institutional market makers such as Flowdesk, FalconX, and Wintermute—entities generally known to receive tokens for selling.

In the first batch, Hayes offloaded:

• 520 ETH (~$1.66M)
• 624M ENA (~$730K)
• 132K ETHFI (~$120K)

Following these transactions, a visible reduction was observed in Hayes’ portfolio.

Second Wave: Another Sell-Off One Hour Later

About an hour after the initial sell-off, Hayes executed a second and even larger dump. This time, he transferred a total of approximately $2.45M in assets.

Tokens sold in the second wave:

• 260 ETH (~$820K)
• 40M ENA (~$657K)
• 640K LDO (~$480K)
• 1,630 AAVE (~$290K)
• 28,670 UNI (~$211K)

These additional transfers significantly increased the day’s total dump volume and quickly became one of the most discussed events in the crypto community. Although Hayes recently made positive remarks about Zcash (ZEC), it is currently unknown whether he holds or has sold any ZEC—raising curiosity and speculation across social media.

4.7M USD in ETH Sold in the Last Two Days — A Historical Parallel

According to Lookonchain, Hayes has sold $4.7 million worth of ETH in just the last 48 hours. A notable historical detail caught analysts’ attention:

• Hayes last sold ETH on August 1st
• ETH was near a bottom at that time
• 9 days later, ETH surged significantly

This sparked renewed debate over Hayes’ tendency to sell close to short-term bottoms.

Assets Transferred in the Last 24 Hours

On-chain tracking tools confirm that Hayes transferred the following amounts to FalconX and Wintermute within the last 24 hours:

• 520 ETH (~$1.64M)
• 82M ENA (~$1.04M)
• 640K LDO (~$480K)
• 28K UNI (~$208K)
• 132K AAVE (~$289K)
• 132K ETHFI (~$125K)

In total, over $4 million in assets have left Hayes’ portfolio within a single day. Additionally, after these sales, 820K USDC moved from Binance and Wintermute wallets into Hayes’ wallet—further confirming the likelihood that the tokens were indeed sold. Hayes has not yet issued any official statement regarding these movements.

How Do Hayes’ Sales Affect the Market?

Arthur Hayes is known for his sudden moves and outsized influence in the crypto markets. Today’s sell-offs could:

• Create short-term volatility in low-liquidity altcoins
• Increase selling pressure on ENA, LDO, ETHFI, and similar assets
• Add volume-driven pressure to ETH

According to experts, large whale movements especially from a figure like Hayes—can swiftly impact market sentiment. However, there is still speculation about Hayes’ broader strategy: Is he freeing liquidity to buy other assets—possibly ZEC, which he has praised recently? For now, the market continues to monitor Hayes’ wallet closely.

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Aster (ASTER): Massive Million-Dollar Accumulation

While developments continue regarding the resolution of the U.S. government crisis, Aster (ASTER) whales have accelerated their purchases. In the past 24 hours, whales have bought 4.93 million ASTER tokens, increasing their holdings by about 8.7% to 61.45 million ASTER. The total market value of these purchases is estimated at around $5.52 million.

Technical indicators show that ASTER has broken above its $1.11 resistance, forming a new upward channel. When a descending channel pattern breaks to the upside, it usually signals a trend reversal. The On-Balance Volume (OBV) indicator is also gradually gaining upward momentum, pointing to a natural buying pressure supporting price movement. According to analysts, if the price holds above $1.11, ASTER could initially target $1.29, followed by the $1.42–$1.59 range. However, if the price drops below $1, there is a risk of correction down to $0.81. This scenario indicates that whales may be taking early positions in Aster, anticipating a potential market recovery.

Pendle (PENDLE): Smart Money Bets on a Rally

Pendle (PENDLE), a DeFi project with a solid infrastructure, has also entered whale accumulation territory over the past 24 hours. Large investors have purchased 410,000 additional PENDLE tokens, raising their total holdings to 196.33 million tokens, equivalent to approximately $1.19 million in new inflows.

Technically, PENDLE is maintaining its $2.50 support level and forming an upward structure. The critical resistance is at $3.45; breaking above it could send prices toward the $3.93–$5.23 range. The Smart Money Index has also turned upward, forming higher highs since November 5, confirming that professional investors are quietly taking long positions. A break above $3.45 could generate strong short-term momentum for PENDLE, though a dip below $2.50 may weaken the bullish scenario.

Uniswap (UNI): Millions in Additional Whale Purchases

DeFi giant Uniswap (UNI) continues to attract both institutional investors and whales. In the past 24 hours, UNI whales have increased their holdings by 8.96%, reaching 11 million UNI tokens. These purchases amount to roughly $9.37 million in total value.

UNI’s price surged nearly 80% during the week, reaching $9.50. However, technical indicators suggest caution. The price remains within a falling broadening wedge pattern, which often signals a trend reversal. A breakout above $10.77 could open the path toward $12.34 and higher targets. On the other hand, the RSI indicator shows a hidden bearish divergence, hinting at a possible slowdown or short-term correction. For UNI to sustain its bullish momentum, holding above $9.53 is crucial. A drop below $8.67 would indicate potential short-term weakness.

Whale Preference: DeFi and DEX Tokens

Data shows that whales are focusing on DeFi projects in response to expectations surrounding the U.S. government’s reopening. Accumulations in projects like Aster, Pendle, and Uniswap not only reflect short-term technical improvements but also signal renewed confidence in the DeFi sector. As macroeconomic uncertainty decreases, investors may view these whale movements as early indicators of a potential upward trend.

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The fee switch targets fraudulent pools on the Base chain. More than half of the total $208.07 billion trading volume was found to come from fake transactions. After activation, only $77.38 billion of legitimate volume remained. Additionally, the mechanism was integrated with UNI token burn process, reducing the token supply. This step enhanced market transparency and strengthened investor trust.

Institutional Investors Drive UNI Momentum

Institutional investors played an active role following the protocol changes. A total of 2.818 million UNI tokens were transferred via Coinbase Prime to Binance, OKX, and Bybit. Valued at approximately $27.08 million, this movement sparked market speculation and pushed UNI prices upward.

Although no official statement has been issued, blockchain analytics suggest that major investors, such as Variant Fund, could be behind the transfer. Institutional actions increase participation in Uniswap’s governance model, supporting decentralized decision-making in DeFi protocols.

Market Data and Investor Behavior

Uniswap’s current market capitalization stands at $5.93 billion. UNI rose 72.93% over the week, while its 90-day performance shows a 17.59% decline. Daily trading volume surged by 372.17%, and at the time of writing, UNI is trading at $8.42.

The fee switch and institutional token transfers have directly influenced market behavior. Eliminating fraudulent pools and implementing UNI burns boosted investor buying motivation. Furthermore, the “Growth Budget” and governance mechanisms strengthened community engagement. These changes reinforce UNI’s position as a leading decentralized exchange.

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However, in case of a rejection at this resistance level, the first support zone for UNI would be the FVG (Fair Value Gap) zone aligned with the trend, which ranges from $6.68 – $6.41. If the price pulls back to this region, buyers may step in and push the price upwards again.

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In summary, important price movements are expected for UNI in the coming days. If the $7.37 resistance level is broken with strong volume, the bullish trend might continue. However, if the price fails to sustain above this level, a pullback toward the $6.68 – $6.41 zone is possible.

Key Levels for UNI Coin:

• $7.37: First resistance level
• $8.50: Potential target for bullish move
• $6.68 – $6.41: First support zone (FVG zone)

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If a strong buying wave doesn’t emerge soon, UNI could see a short-term pullback towards the $6.30 support level. If buyers fail to defend this key zone, the price risks revisiting the previously tested support area at $5.51.

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What If UNI Breaks the Trend?

On the other hand, if UNI manages to break above the descending trendline with strong volume, the first target would be around $8.50, which aligns with the Fair Value Gap (FVG) zone. This level could act as strong resistance due to past price imbalances.

If $8.50 is successfully cleared, UNI may initiate a new bullish wave towards the $10.00 level.

What to Watch Out For!

During trend breakouts, an increase in trading volume is often a key indicator of the sustainability of the move. Breakouts that lack volume may turn out to be false signals, leading to potential bull traps. We recommend closely monitoring market conditions and volume data when managing your positions!

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According to the announcement made on February 11, Unichain will have a block time of one second, provide swap liquidity, and offer users the ability to earn interest or borrow against collateral. The mainnet launch of Unichain follows millions of transactions and smart contract tests on the testnet, which began on October 10.

The new network is expected to generate approximately $500 million in annual revenue for Uniswap Labs and UNI token holders by redirecting fees to Ethereum validators.

Can Ethereum Maintain its DeFi Leadership?

Ethereum continues to hold its position as the leader in the decentralized finance (DeFi) ecosystem. According to DefiLlama data, Ethereum’s first-layer network has a total locked value (TVL) of $56.6 billion. Solana holds second place with a TVL of $9.1 billion, while the Bitcoin network is in third place with $6.6 billion.

TVL is considered one of the most accurate indicators for measuring DeFi activity, as it includes locked and staked assets.

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Unichain enters the rapidly growing Ethereum Layer 2 ecosystem and will compete directly with projects such as Arbitrum, Base, Blast, Mantle, and Polygon.

The Future of Unichain and Ethereum

While some Layer 2 projects operate as independent chains, many, including Unichain, are integrated into Optimism’s Superchain network. Superchain is emerging as an ecosystem of Layer 2 networks aimed at enhancing Ethereum’s scalability.

Layer 2 blockchain networks are secondary protocols built on top of existing networks like Ethereum, designed to increase scalability and efficiency.

According to CoinGecko data, the largest Ethereum Layer 2 blockchain networks by TVL are: Base – $3.1 billion, Arbitrum – $2.7 billion, Polygon – $769 million, Mantle – $357 million, and Gnosis Chain – $310 million.

Uniswap Labs, along with Across, is working on a new Ethereum Improvement Proposal (EIP-7683) to contribute to these changes. EIP-7683 aims to establish a new standard to streamline cross-chain swaps and trade operations. It is expected that around 50 projects and protocols will support this new standard, including Arbitrum, Base, Optimism, and Polygon.

The addition of Unichain to the Ethereum Layer 2 ecosystem is seen as a move to solidify Uniswap‘s dominance in the decentralized finance space.

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In a statement on Tuesday, Uniswap Labs said, “We expect all contracts to be deployed for a full launch next week.”

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The new version inherits the capital efficiency advantages of Uniswap v3 while introducing significant architectural improvements.

Key Features of Uniswap v4

1. “Singleton” Liquidity Architecture:
   The new liquidity architecture consolidates all liquidity into a single smart contract. This change is designed to accelerate transactions, lower gas fees, and improve the user experience.
2. “Hook” Integrations:
   Hooks are modular contracts that allow developers to add custom functionalities to liquidity pools. This feature significantly enhances the protocol’s flexibility.
3. “Flash Accounting” System:
   In v3, assets were transferred in and out of pools at the end of each swap. In v4, only net balances are transferred, which the Uniswap team claims will result in significant gas savings.

Why Was It Delayed?

Uniswap v4 was initially scheduled for release in 2024. However, extensive code audits and security competitions caused delays in the timeline.

The new version aims to provide a more efficient DeFi experience for both developers and users. Uniswap continues to solidify its position as a leader in decentralized finance with innovative solutions.

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Bitcoin Intraday Key Levels

The BTC/USDT pair has lost 1.31% in the last 24 hours and is currently trading at $92,955. Bitcoin (BTC) is priced slightly below the previously mentioned support at $93,138. A close below this level could push BTC down to $92,503. On the upside, BTC needs to close above the $94,703 resistance level to initiate a recovery.

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Ethereum (ETH): The ETH/USDT pair has dropped 2.17% over the last 24 hours and is now trading at $3,167. For Ethereum (ETH), resistance levels are seen at $3,217 and $3,290, while support levels stand at $3,091 and $2,994.

The Sandbox (SAND): The SAND/USDT pair has decreased by 8.44% in the past 24 hours and is currently trading at $0.5417. Resistance levels for SAND are at $0.6425 and $0.6913, while support levels are at $0.5450 and, in the case of further declines, $0.4719.

Uniswap (UNI): The UNI/USDT pair has fallen 5.33% in the last 24 hours and is trading at $12.92. UNI has resistance levels at $14.02 and $15.68, with support levels at $12.40 and $11.24 in case of further losses.

Pepe (PEPE): The PEPE/USDT pair is down 4.86% in the past 24 hours and is now priced at $0.0000167. Resistance levels for PEPE are located at $0.00001851 and $0.00001973, while support is at $0.00001664 and, in the case of further dips, $0.00001441.

Trending Coins

In the last 24 hours, the most trending coins in the market include ANDY (ANDY), Butthole Coin (BUTTHOLE), and ai16z (AI16Z).

Top gainers are Ontology (ONT), INSURANCE (INSURANCE), and Peanut the Squirrel (PNUT).

Meanwhile, the biggest losers are PAAL AI (PAAL), Freysa AI (FAI), and Theta Fuel (TFUEL).

Bitcoin Liquidation Map

The 12-hour Bitcoin liquidation map shows a major liquidation area at $95,024, amounting to $35.81 million. On the downside, a notable liquidation zone at $92,751 is worth $31.46 million.

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Pepe gained around 16.8% in the last 24 hours and is up 26% over the past week. At the beginning of 2024, its market cap was just $591 million. By December 5, Pepe crossed the $11 billion threshold, marking an 18x growth since the start of the year.

The Rise of Pepe

Launched in 2023, inspired by the success of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), Pepe quickly became a favorite among traders despite openly stating it has “no intrinsic value.”

In September 2024, Pepe rallied after months of consolidation, gaining 30% within a week. However, the token retraced during early November. Following a period of price consolidation in October, Pepe kicked off a historic rally in November, reaching its previous all-time high and eventually breaking it.

The growing popularity of Pepe among market speculators and investors led Binance.US to list the token on December 5, further fueling its rise. Memecoins continue to dominate the current crypto market narrative.

With over 7,000% gains since its inception, Pepe has positioned itself as a serious contender to Dogecoin and Shiba Inu. In just one year, the memecoin has soared in market value, becoming one of the top cryptocurrencies by market cap.

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Henrik Andersson, the investment director at Apollo Crypto, linked this surge to increasing demand for assets and stablecoins within the DeFi ecosystem. He highlighted that the rise in the ETH/BTC ratio and growing on-chain yields contributed to this momentum. Additionally, Andersson noted that when Bitcoin approaches the $100,000 threshold, Ethereum and DeFi tokens typically show increased activity.

Uniswap’s Leading Networks

• Arbitrum: Leads with a trading volume of $19.5 billion.
• Base: Follows with $13 billion.

Uniswap also collected $90 million in fees during November, outperforming protocols like Pump.fun and Tron.

UNI Token Gains Strength

Uniswap’s native token, UNI, surged by 42% in the past week, reflecting the protocol’s heightened activity. Currently trading at $12.58, UNI outperformed decentralized exchange tokens like Raydium (-2.2%) and Jupiter (7.7%).

This record-breaking volume signals the potential for the Ethereum ecosystem to enter a long-awaited growth phase. Rising DeFi interest, increased stablecoin usage, and higher on-chain yields point to a promising future for the ecosystem.

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