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Arthur Hayes, co-founder of cryptocurrency derivatives exchange BitMEX and Maelstrom investment fund, has offloaded cryptocurrency holdings worth more than $20 million in just a few days.
The largest transaction was the sale of 6,400 ethers valued at $15.2 million, according to Lookonchain, a platform tracking the businessman’s wallets. Hayes also sold 14 million ENA tokens for $2.76 million, 323,000 UNI for $2.24 million, 1.89 million ETHFI for $1.23 million, 546,600 AERO for $398,000, 120,000 PENDLE for $244,000, and 3 million ZAMA for $214,000.
Hayes confirmed the sale of altcoins by posting on X (formerly Twitter) that he had taken profits on ETH, ENA, UNI, and “other shitcoins.”
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Hayes sold ethers contrary to his own forecast. At the end of September, he suggested that the price of ETH could surge to $10,000 by the end of the year, calling Ethereum the safest first-layer network capable of attracting significant capital from investors.
The co-founder of the now-defunct BitMEX has repeatedly accumulated significant volumes of ETH, only to sell off a large portion during periods of market turbulence, which was also observed in the last week. In July, Hayes purchased more than 7,200 ETH for approximately $14 million at an average price of $1,923 per coin. Shortly after, ETH corrected, and the investor transferred 2,364 ETH to Cumberland and Galaxy Digital platforms, realizing a loss of approximately $241,000.
Previously, Hayes sold ETH worth more than $10 million at a price below $1,700 per coin, and then repurchased the altcoin when its value exceeded $1,900. According to Lookonchain, by the end of July, he spent an additional $7.47 million to buy 3,915 ETH at an average price of $1,909 per coin.
In June, Hayes sold all his tokens from the Hyperliquid and Near Protocol projects against the backdrop of rising oil prices in the US due to the war in the Middle East. Not long before that, the entrepreneur made a $100,000 bet on the growth of HYPE, promising to spend the winnings on charity.
