Arthur Hayes, the co-founder of BitMEX, recently liquidated a large portion of his Ethereum holdings alongside two altcoins. This activity followed a nearly 3% decline in Ethereum's price, signaling a notable shift from one of crypto’s prominent figures.
According to on-chain analytics, Hayes bought 3,298 ETH over the past two weeks through OTC deals, averaging $1,916 per coin. However, around two hours ago, an address linked to Hayes transferred 2,364 ETH to wallets affiliated with Cumberland and Galaxy Digital. Shortly after these transfers, Hayes’ wallet received 4.3 million USDC, implying the Ethereum was sold rather than moved for custody or other purposes.
Altcoin Sales Add to the Picture
Besides Ethereum, Hayes also offloaded altcoins: $658,000 worth of SYN and $248,000 worth of ENA. Despite the sizeable volume sold, the estimated loss on the ETH sale reached about $220,000, reflecting the market's recent softness. These moves come as BitMEX announced its own permanent shutdown, possibly indicating a broader transition for Hayes and his holdings.
This material is for informational purposes only and does not constitute financial advice.
