Arthur Hayes, co-founder of BitMEX, continued to withdraw ETH from his wallet and transfer it to exchanges in December. These actions lead investors to think that he is selling ETH. This step may be part of a portfolio rebalancing that he shared earlier.
This activity stands out because his portfolio now shows clear changes. He now holds more stablecoins and much less ETH.
Arthur Hayes possibly sold more than 1,800 ETH last week.
A recent report from Lookonchain, an account that tracks notable on-chain activity, revealed that Hayes sold another 682 ETH on Binance. This transaction had a value of approximately $2 million. He used this capital for the purchase of DeFi tokens.
Earlier, BeInCrypto reported that Hayes sent 508.6 ETH, worth about $1.5 million, to Galaxy Digital.
In total, Hayes sold approximately 1,871 ETH in the past week. The estimated value of these transactions amounted to $5.53 million. He spent the proceeds on DeFi tokens, including ENA, PENDLE, and ETHFI.
Data shows that these tokens have already dropped by 80-90% this year. Hayes seems to be taking advantage of the low prices. He expects these tokens to yield returns in the future. Earlier, Hayes publicly shared his strategy on his personal X account.
"We are rotating out of ETH and stepping into high-quality DeFi names, which we believe will perform better as fiat liquidity improves," he said.
But a closer examination of the portfolio composition via Arkham data shows a clear shift.
Firstly, the amount of ETH in his wallet has steadily decreased from 16,000 ETH in 2022. Since November, his ETH positions have dropped from 6,500 ETH to 3,160 ETH. This means he has sold more than 3,440 ETH during that period.
Meanwhile, a total portfolio worth $74 million consists of nearly $48 million in USDC. Stablecoins now account for more than 60% of the total portfolio value.
Arkham data shows that Hayes increased his USDC holdings from $1 million to nearly $48 million since mid-November. During this period, market sentiment remained in the fear to extreme fear zone.
Typically, rising stablecoin positions indicate a willingness to buy dips or a cautious stance.
Earlier, Arthur Hayes predicted that Ethereum could go to $20,000. He stated that with 50 ETH, someone could become a millionaire by the next U.S. presidential elections.
