Arthur Hayes Sells Nearly $5 Million in Crypto Amid Market Decline
BitMEX co-founder Arthur Hayes sold almost $5 million in cryptocurrency within 24 hours. This occurred as Bitcoin and Ethereum hit six-month lows. The market faced sharp declines, with major altcoins also tumbling worldwide.
Data from analytics platform Lookonchain shows Hayes reducing exposure to several large-cap tokens. He used platforms such as FalconX and Wintermute to execute the trades. Market watchers say this reflects how big holders adjust strategies during increased volatility.
Details of Hayes’ Token Sell-Off
- Hayes sold $2.48 million worth of Ethereum (ETH).
- He sold $1.384 million in Ethena (ENA).
- He liquidated $480,000 in Lido DAO (LDO) tokens.
- Hayes also exited Aave ($289,000), Uniswap ($209,000), and ether.fi ($124,000) positions.
A second transaction wave included 520 ETH worth $1.66 million, 2.62 million ENA worth $733,000, and 132,730 ETHFI tokens valued at $124,000. These moves happened as Bitcoin dropped to $93,000 and Ethereum fell to $3,100 early Monday, levels unseen since early 2024.
Analysts warn that sales by influential holders like Hayes can increase panic-selling. This may worsen price drops and reflect weakening confidence amid global risk asset declines.
Hayes Bets Big on Zcash Amid Broader Sell-Off
Despite selling many tokens, Hayes remains bullish on Zcash (ZEC). He called ZEC his second-largest liquid asset after Bitcoin. Hayes said Zcash has more upside than XRP, citing ZEC’s $10 billion market cap versus XRP’s $135 billion.
He predicted ZEC could reach 0.2 BTC, roughly $19,200 at current prices. This would increase Zcash’s market cap to about $313 billion. ZEC has gained 7% in the last week and over 217% in the past month. This contrasts with most tokens facing strong selling pressure.
Zcash’s recent rise links to renewed interest in privacy coins and whale accumulation. These tokens historically perform well as hedges during uncertain markets.
Ethereum Wallet Moves 200 ETH After 10 Years of Dormancy
A dormant Ethereum ICO wallet moved 200 ETH valued at $626,000 after over 10 years of inactivity. Originally, the wallet bought 1,000 ETH for $310 in 2015. This represents a 10,097-fold return on investment.
Such moves by early wallets often indicate shifts in long-term market sentiment.
Ethereum’s outlook remains divided among analysts. Tom Lee compared ETH’s recent volatility to Bitcoin’s early fluctuations. He urged investors to endure swings for potential long-term gains. Conversely, analyst Ali Martinez warned ETH could fall to $1,800 due to ETF outflows and weakening momentum.
The next few weeks will reveal if Ethereum holds key support levels or continues declining as large holders like Hayes reposition their assets.
