Arthur Hayes, one of the founders 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 balancing plan that he shared earlier.
The content of Hayes' portfolio has changed significantly. There are now more stablecoins and significantly less ETH.
Arthur Hayes may have sold over 1,800 ETH last week.
According to a recent report from Lookonchain, which tracks significant on-chain transfers, Hayes sold an additional 682 ETH on Binance. The value of this transaction was approximately 2 million dollars. He transferred funds into DeFi tokens.
Earlier, BeInCrypto reported that Hayes transferred 508.6 ETH, worth about 1.5 million dollars, to Galaxy Digital.
During the week, Hayes sold a total of about 1,871 ETH. The estimated value of the transactions was 5.53 million dollars. With the profits, he purchased DeFi tokens like ENA, PENDLE, and ETHFI.
The data indicates that the price of these tokens has decreased by 80-90% this year. Hayes aims to take advantage of the low prices. He expects these tokens to be profitable in the future. Hayes has previously made his strategy public on his X account.
"We are reallocating funds from ETH to high-quality DeFi names that we believe will perform better as fiat liquidity improves," he said.
However, a closer look at the structure of his portfolio using Arkham's data reveals a significant change.
First of all, his wallet's ETH amount has steadily decreased from 16,000 ETH since 2022. After November, his ETH reserves dropped from 6,500 ETH to 3,160 ETH. This indicates that over 3,440 ETH has been sold during that time.
With the entire portfolio valued at 74 million dollars, nearly 48 million dollars is in USDC. Stablecoins now make up over 60% of the total portfolio value.
According to Arkham, Hayes increased his USDC holdings from 1 million to nearly 48 million dollars since mid-November. At the same time, market sentiment remained in the fear and extreme fear zone.
Typically, an increase in the amount of stablecoins indicates either a readiness to buy dips or a cautious attitude.
Previously, Arthur Hayes estimated that Ethereum could reach 20,000 dollars. He noted that holding 50 ETH could make someone a millionaire by the next U.S. presidential election.
