Days Later: Arthur Hayes Sells Entire ETH Position at a Loss

Arthur Hayes’ somewhat controversial and sporadic behavior in terms of crypto purchases and sales continues, this time with Ethereum.

According to on-chain data provided by Lookonchain, the former BitMEX CEO has now disposed of his entire ETH position, which he acquired just a few days earlier. Moreover, he sold at a loss.

Hayes Sells Days Later

His latest Ethereum accumulation spree began on June 17. At the time, Hayes purchased 1,400 ETH for $2.51 million but continued to acquire more tokens in the following days, including a $2.63 million buy for 1,500 units. In total, he scooped 5,900 ETH for $10.58 million at an average price of almost $1,800.

However, the analysts at Lookonchain informed that he had sold even more than that on Friday. Wallets related to him disposed of 6,000 ETH for $10.14 million, thus incurring a loss of more than $600,000 in days.

Given his recent clash with the community over his behavior of shilling and then dumping the same alts he had been praising, many of the comments below the original post were not kind, to say the least.

Interestingly, unlike many of the altcoins that he sold off recently, which went down in price after the news was disclosed, ETH is actually up slightly from his average sell level to over $1,720.

Other Whales Are Buying

Meanwhile, further data from the same monitoring resource indicated that other large market participants are buying en masse. A wallet linked to K3 Capital withdrew 10,000 ETH (valued at over $17 million at press time) from Binance. Another, related to Chun Wang, purchased and transferred out of the world’s largest exchange 7,650 ETH ($13 million).

These acquisitions came amid analysts continuing to debate whether the second-biggest altcoin has neared its potential bear market bottom. In fact, some believe that ETH will find a floor faster than BTC.

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