Arthur Hayes Sells Over 1,800 ETH as Portfolio Shifts Toward Stablecoins
Arthur Hayes, co-founder of BitMEX, continued to withdraw ETH from his pockets and switch it to exchanges in December. These actions have led buyers to consider he’s promoting ETH. The transfer could also be a part of a portfolio rebalancing plan he beforehand shared.
This exercise comes as his portfolio reveals notable modifications. It now holds extra stablecoins and considerably much less ETH.
Arthur Hayes May Have Sold More Than 1,800 ETH within the Past Week
A current report from Lookonchain, an account that tracks notable on-chain exercise, revealed that Hayes bought an extra 682 ETH on Binance. The transaction was valued at roughly $2 million. He redirected the capital into DeFi tokens.
Earlier, BeInCrypto reported that Hayes transferred 508.6 ETH, valued at round $1.5 million, to Galaxy Digital.
In complete, Hayes bought roughly 1,871 ETH over the previous week. The estimated worth of those transactions reached $5.53 million. He used the proceeds to buy DeFi tokens, together with ENA, PENDLE, and ETHFI.
Data reveals that these tokens have declined by 80–90% up to now this 12 months. Hayes seems to be profiting from low costs. He expects these tokens to ship future returns. Previously, Hayes publicly shared his technique on his private X account.
“We are rotating out of ETH and into high-quality DeFi names, which we consider can outperform as fiat liquidity improves,” he said.
However, a more in-depth examination of his portfolio construction utilizing Arkham knowledge reveals a big shift.
First, the quantity of ETH held in his pockets has steadily declined from 16,000 ETH in 2022. Since November, his ETH holdings have fallen from 6,500 ETH to three,160 ETH. This signifies gross sales of greater than 3,440 ETH throughout that interval.
Meanwhile, out of a complete portfolio valued at $74 million, almost $48 million is held in USDC. Stablecoins now account for greater than 60% of the portfolio’s complete worth.
Arkham knowledge reveals that Hayes elevated his USDC holdings from $1 million to almost $48 million since mid-November. This interval additionally coincided with market sentiment remaining in concern to excessive concern territory.
Typically, rising stablecoin holdings sign both readiness to purchase dips or a cautious stance.
Previously, Arthur Hayes predicted that Ethereum might attain $20,000. He acknowledged that holding 50 ETH might make somebody a millionaire by the following US presidential election.
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