Arthur Hayes, co-founder of BitMEX, continued to withdraw ETH from his wallet and transfer it to exchanges in December. These actions have led investors to believe that he is selling ETH. The move may be part of a portfolio reallocation plan he previously shared.
This activity comes at the same time as his portfolio shows noticeable changes. It now contains more stablecoins and significantly less ETH.
Arthur Hayes may have sold over 1,800 ETH during the past week.
A fresh report from Lookonchain, an account that monitors remarkable activity on the blockchain, revealed that Hayes sold an additional 682 ETH on Binance. The transaction was valued at approximately $2 million. He used the capital to buy DeFi tokens.
Previously, BeInCrypto reported that Hayes transferred 508.6 ETH, worth around $1.5 million, to Galaxy Digital.
Overall, Hayes sold about 1871 ETH in the last week. The estimated value of these transactions amounted to $5.53 million. He used the sales proceeds to purchase DeFi tokens, including ENA, PENDLE, and ETHFI.
Data shows that these tokens have fallen by 80–90% so far this year. Hayes appears to be taking advantage of low prices. He expects these tokens to yield returns in the future. Previously, Hayes publicly shared his strategy on his personal X account.
"We are rotating out of ETH and into high-quality DeFi projects, which we believe can perform better when fiat liquidity increases," he said.
A closer examination of his portfolio structure using Arkham data reveals a significant shift.
First of all, the amount of ETH in his wallet has steadily decreased from 16000 ETH in 2022. Since November, his holdings have dropped from 6500 ETH to 3160 ETH. This indicates the sale of more than 3440 ETH during this period.
At the same time, nearly $48 million of a total portfolio value of $74 million is placed in USDC. Stablecoins now account for more than 60% of the portfolio's total value.
Arkham data shows that Hayes has increased his USDC holdings from $1 million to nearly $48 million since mid-November. This period also coincided with market sentiment remaining in the range from fear to extreme fear.
Typically, increasing stablecoin holdings indicate either readiness to buy on dips or a cautious approach.
Previously, Arthur Hayes predicted that Ethereum could reach $20,000. He stated that holding 50 ETH could make someone a millionaire by the next U.S. presidential election.
