Arthur Hayes, one of the co-founders of BitMEX, continues to withdraw ETH from his wallet and transfer it to the cryptocurrency exchange in December. These moves are increasing expectations among investors that Hayes is selling ETH. It is being discussed that this could be part of the portfolio balancing plan he previously announced.
Hayes's portfolio has recently undergone significant changes. It appears that he is holding more stablecoins while drastically reducing his ETH ratio.
Arthur Hayes May Have Sold Over 1,800 ETH Last Week
According to the latest report shared by the Lookonchain account, which closely monitors on-chain movements, Hayes sold an additional 682 ETH on Binance. The total value of this transaction reached approximately $2 million. Hayes allocated the capital obtained to DeFi tokens.
According to previous reports from BeInCrypto, Hayes transferred approximately 508.6 ETH, worth about $1.5 million, to Galaxy Digital.
In the last week, Hayes sold a total of approximately 1,871 ETH. The estimated value of these transactions reached $5.53 million. With the funds obtained from this sale, Hayes purchased DeFi tokens such as ENA, PENDLE, and ETHFI.
Data shows that these tokens have depreciated by between 80% and 90% since the beginning of the year. Hayes believes that cheap prices present an opportunity. He expects these tokens to provide high returns in the future. Previously, he had shared his strategy on his X account.
Hayes stated, 'We are turning to quality DeFi projects that we believe will perform better with the increase in fiat liquidity after moving out of ETH.'
However, when examining the portfolio structure more deeply with Arkham data, a significant change draws attention.
Firstly, the amount of ETH in the wallet has been consistently decreasing from the 16,000 ETH level in 2022. Since November, the ETH holding has dropped from 6,500 ETH to 3,160 ETH. It appears that more than 3,440 ETH has been sold during this period.
Meanwhile, while the total portfolio value is at $74 million, approximately $48 million of this is held in USDC. Stablecoins now correspond to more than 60% of the total value of the portfolio.
Arkham data shows that since mid-November, Hayes has increased his USDC holdings from $1 million to nearly $48 million. This period coincides with market investor sentiment remaining in the fear and extreme fear zone.
Generally, the increase in stablecoins means either readiness to buy at decreasing prices or a cautious stance.
Previously, Arthur Hayes had predicted that Ethereum could reach $20,000. He noted that someone holding 50 ETH could join the millionaires in the next presidential election in the U.S.
