The on-chain analysis platform Lookonchain turned to X to reveal Arthur Hayes' latest transfer of ETH. According to Lookonchain's post on X, Hayes transferred the enormous amount of 682 ETH, valued at approximately 2 million dollars, to Binance.
This transfer of ETH is likely to be followed by a significant sell-off, in line with his previous actions. Reportedly, Arthur Hayes has sold 1,871 ETH, worth 5.53 million dollars, to invest in multiple DeFi tokens. As noted by Lookonchain, the operator has invested millions in Ethena, Pendle, and ether.fi in a week. After his sale of ETH, he bought 1.22 million ENA, worth 257,500 dollars, 137,117 PENDLE, worth 259,000 dollars, and 132,730 ETHFI, worth 93,000 dollars.
It is worth noting that Arthur Hayes made significant transfers of ETH to Galaxy Digital, Binance, and Flowdesk between December 19 and 20. While he moved $1.5 million to Galaxy, he sent $2.03 million to Binance and Flowdesk during the same period.
At the same time, Hayes acquired DeFi tokens like ENA, demonstrating his confidence in similar tokens. This capital reallocation indicates that Arthur Hayes is using Ethereum's liquidity to fund high-potential DeFi investments. On December 20, Hayes confirmed his sale of ETH for the purchase of DeFi tokens. He stated: "We are moving away from ETH and opting for high-quality DeFi names, which we believe can outperform as fiat liquidity improves."
Arthur Hayes' massive sell-off of ETH has generated strong bearish sentiment in the market. This has fueled the prevailing negative trend. As of this writing, ETH is valued at $2,924, trading below the critical support level of $3,000.
According to cryptocurrency analyst Ted, if ETH does not surpass this key level, the price will experience a new drop and fall below $2,800. These technical signals, coupled with Hayes' massive selling, have sparked speculation about a sustained bearish trend for Ether.
Additionally, ETHZilla, a major treasury firm for Ethereum, has sold 24,291 ETH for approximately 74.5 million dollars as part of the repayment of its loan. This massive sale has significantly impacted the price of Ethereum, which is struggling to recover from the prevailing bearish trend.
