Arthur Hayes, the co-founder of BitMEX, unloaded close to $5 million worth of crypto in just 24 hours as the market recorded one of its steepest drops in half a year. His large sell-off came at a time when Bitcoin dipped to levels last seen earlier in the year, dragging several altcoins down with it. Data from Lookonchain showed that Hayes moved quickly to cut exposure across a range of tokens as the downturn intensified. His actions reflect a broader shift among major investors who are bracing for increased volatility and thinning liquidity across the market.
According to the transaction data, Hayes sold more than $2.4 million worth of Ethereum, alongside sizeable amounts of Ethena and Lido DAO. He also trimmed smaller positions in Aave, Uniswap, and Ether.fi, signalling a wide reduction across his portfolio. A second batch of transactions revealed he dumped an additional 520 ETH valued at $1.66 million, over 2.6 million ENA tokens worth $733,000, and more ETHFI tokens. These trades came as Bitcoin slipped to around $93,000 and Ethereum fell to $3,100 early Monday, marking a six-month low for both assets. Analysts say large sell-offs during such fragile periods can accelerate downward pressure, especially when traders are already nervous.
Despite the heavy reduction in most of his holdings, Hayes struck a notably bullish tone on Zcash. He argued that the privacy-focused coin has stronger upside potential than XRP, pointing to the large gap between their market capitalisations. Hayes revealed that ZEC has become his second-largest liquid asset after Bitcoin and predicted that the token could rise to 0.2 BTC—an ambitious target that would push its valuation to more than $300 billion at current prices. His enthusiasm comes at a moment when ZEC has been one of the few outperformers in the market, gaining over 200 per cent in a month while most cryptocurrencies continue to bleed.
The broader market also saw unusual activity from long-dormant wallets. One Ethereum address that had been inactive for a decade suddenly moved 200 ETH, now worth more than $600,000. The wallet originally purchased 1,000 ETH during the ICO for a total of just $310, highlighting the massive long-term appreciation of the asset. Such movements from early holders often spark speculation about shifting sentiment among long-term investors.
Ethereum’s outlook remains uncertain as analysts offer conflicting predictions. Some believe the asset may rebound once volatility cools, while others warn of a deeper drop toward $1,800 as momentum fades and ETF outflows persist. With major holders like Hayes reshuffling their positions, the market is now watching closely to see whether Ethereum can hold key support zones or if further declines lie ahead.
