Arthur Hayes, the co-founder of BitMEX, continued to withdraw ETH from his wallet and transfer it to exchanges in December. These actions led investors to believe he was selling ETH. This move may be part of a plan to rebalance the portfolios he previously shared.
This activity comes at a time when his wallet has seen notable changes. It now contains more stablecoins and a significantly smaller amount of ETH.
Arthur Hayes may have sold more than 1,800 AAAA during the past week.
A recent report from the Lookonchain account, which tracks notable on-chain activity, revealed that Hayes sold an additional 682 ETH on Binance. The estimated value of the transaction was around 2 million dollars. He redirected the capital to DeFi tokens.
Earlier, BeInCrypto reported that Hayes transferred 508.6 ETH valued at approximately 1.5 million dollars to Galaxy Digital.
Overall, Hayes sold around 1,871 ETH during the past week. The estimated value of these transactions was 5.53 million dollars. He used the proceeds to purchase DeFi tokens, including ENA, PENDLE, and ETHFI.
Data shows that these tokens have dropped by 80–90% so far this year. It seems that Hayes is taking advantage of the low prices. He expects these tokens to yield future returns. Previously, Hayes publicly shared his strategy on his personal X account.
"We are shifting from ETH to high-quality DeFi names, which we believe could outperform as fiat liquidity improves," he said.
However, a close examination of his wallet structure using Arkham data reveals a significant shift.
First, the amount of ETH held in his wallet has gradually decreased from 16,000 ETH in 2022. Since November, his holdings in ETH have dropped from 6,500 ETH to 3,160 ETH. This indicates sales of over 3,440 ETH during that period.
Meanwhile, out of a total portfolio valued at 74 million dollars, there is approximately 48 million dollars in USDC. Stablecoins now constitute over 60% of the total portfolio value.
Arkham data shows that Hayes has increased his holdings in USDC from 1 million dollars to nearly 48 million dollars since mid-November. This period also coincided with market sentiment remaining in the fear to extreme fear zone.
Typically, increased stablecoin holdings indicate either a readiness to buy dips or a cautious stance.
Previously, Arthur Hayes predicted that Ethereum could reach 20,000 dollars. He mentioned that owning 50 Ethereums could make someone a millionaire by the time of the next U.S. presidential election.
