Arthur Hayes Sells Over $20 Million in Cryptocurrencies Amidst Market Volatility
Arthur Hayes, the former CEO of the now-defunct derivatives exchange BitMEX, has offloaded more than $20 million worth of cryptocurrencies in a matter of days, according to on-chain data. This latest series of transactions adds another layer to his notable trading history, which has seen him repeatedly acquire Ethereum (ETH) only to sell significant portions shortly thereafter.
Data from blockchain analytics firm Lookonchain indicates that wallets associated with Hayes sold approximately $22.28 million in various altcoins. Ethereum constituted the largest portion of these sales, with 6,400 ETH valued at around $15.2 million.
The BitMEX co-founder also divested 14 million ENA tokens, worth an estimated $2.76 million, along with 323,000 UNI tokens valued at $2.24 million, and 1.89 million ETHFI tokens, which fetched approximately $1.23 million. Additional sales included over 546,600 AERO, 120,000 PENDLE, and 3 million ZAMA tokens.
This move is particularly noteworthy given Hayes’s recent public pronouncements. In late September, he expressed a bullish outlook on Ethereum, predicting it could reach $10,000 by the end of the year. He cited Ethereum’s position as the most secure layer-one network and its capacity to handle substantial capital inflows as key factors.
However, Hayes has a history of liquidating substantial holdings of certain assets during periods of market uncertainty, a condition that has characterized the past week.
In July, the Maelstrom CIO aggressively accumulated ETH as the asset experienced a rally, acquiring over 7,200 tokens for nearly $14 million at an average price of $1,923. Subsequently, as the cryptocurrency saw a pullback, he transferred 2,364 ETH to Cumberland and Galaxy Digital, reportedly selling at an average price of $1,821, resulting in a loss of approximately $241,000 on that portion of his holdings.
This followed another significant reversal where Hayes had sold over $10 million worth of ETH at prices below $1,700, only to repurchase once the asset recovered above $1,900. By the end of July, Lookonchain reported that he had spent an additional $7.47 million to acquire 3,915 ETH at an average price of $1,909.
