Key Highlights
- Arthur Hayes sold nearly $5M in crypto within 24 hours as Bitcoin and Ethereum hit six-month lows.
- Hayes shifted out of major altcoins but doubled down on Zcash, calling it his second-largest liquid asset.
- Amid this, a decade-old Ethereum wallet moved 200 ETH as analysts split on whether ETH will rebound or drop to $1,800.
BitMEX Co-Founder Arthur Hayes sold nearly $5 million in crypto within 24 hours as markets faced one of their sharpest declines in months. The move came during a broader downturn that pushed Bitcoin to six-month lows and sent major altcoins tumbling across global exchanges.
The sales, reported by analytics platform Lookonchain, showed Hayes reducing exposure to several large-cap tokens through platforms including FalconX and Wintermute.
Market watchers say his actions highlight how major holders are adjusting strategies as volatility rises.
Hayes executes multi-million token sell-off
According to Lookonchain, Hayes sold $2.48 million in Ethereum, $1.384 million in Ethena (ENA), and $480,000 in Lido DAO (LDO). He also exited smaller positions in Aave ($289,000), Uniswap ($209,000), and ether.fi ($124,000).
A second wave of transactions shows he liquidated 520 ETH worth $1.66 million, 2.62 million ENA worth $733,000, and 132,730 ETHFI worth $124,000. These moves took place as Bitcoin dropped to $93,000 and Ethereum slid to $3,100 early Monday morning, levels last seen in early 2024.
Traders faced growing pressure as liquidity thinned and volatility jumped. Analysts noted that sales from influential holders like Hayes often worsen price declines by adding to panic-driven supply. The latest sell-offs add to fears that confidence is weakening as global risk assets fall.
Hayes turns bullish on Zcash despite broader sell-off
Despite unloading several holdings, Hayes reiterated strong optimism for Zcash (ZEC). He said the privacy token holds more upside than XRP, comparing ZEC’s approximately $10 billion market cap with XRP’s $135 billion.
Hayes disclosed that ZEC is now his second-largest liquid asset after Bitcoin. He even predicted that ZEC could reach 0.2 BTC, around $19,200 at current prices, which would place its market cap near $313 billion.
The projection comes at a time when ZEC has surged 7% in a week and over 217% in the past month. ZEC’s rally stands out, as most tokens face intense selling pressure.
Zcash’s rise follows renewed interest in privacy-focused assets and increased whale accumulation. Past market cycles have shown that such tokens often see short-term gains when traders look for hedges during uncertainty.
Dormant Ethereum wallet moves after 10 years
Adding to market activity, a dormant Ethereum ICO wallet moved 200 ETH worth $626,000 after more than 10 years. The wallet originally bought 1,000 ETH for just $310, marking a 10,097x return. These motions by early wallets are usually indicators of changes in long-run sentiment.
In the meantime, Ethereum analysts are still split about its future. Tom Lee likened the plight of ETH to the past volatility of Bitcoin, calling on investors to bear volatility for possible long-term gains.
In contrast, analyst Ali Martinez cautioned that ETH would drop to around $1,800 because of ETF outflows and the declining momentum. Their differing opinions highlight a market in-between long-term hope and short-term fear.
The weeks to come will tell whether Ethereum will be able to maintain itself above the major support levels or will keep falling as large investors such as Hayes reallocate their funds.
Also Read: Arthur Hayes Buys UNI Token After 3-Year Long Hiatus
