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BitMEX co-founder Arthur Hayes is back in focus after a large Ethereum transaction that has triggered debate across the crypto market. Blockchain data indicates Hayes sold a substantial amount of ETH at a loss, prompting questions about his short-term outlook for Ethereum despite his past reputation for buying low and selling high.
Lookonchain data cited in the report shows that Hayes accumulated approximately 5,900 ETH over the past few days, spending around $10.58 million at an average purchase price of $1,793 per token. He later sold 6,000 ETH at roughly $1,690 per coin, receiving about $10.14 million.
The transaction is estimated to have resulted in a loss of approximately $606,000, an outcome described as unusual for the veteran trader.
The sale comes as Ethereum continues to struggle near a key $1,700 area. ETH reportedly fell to a 24-hour low of $1,670, reflecting ongoing selling pressure and cautious sentiment among market participants.
Hayes’ decision to exit part of his position has added to investor concerns during a period of heightened volatility across the broader cryptocurrency market.
Despite the bearish signal from Hayes’ trade, the article notes that some large investors appear to remain optimistic about Ethereum’s longer-term potential. A separate Lookonchain report highlighted whale accumulation activity, including:
Market analysts remain divided on Ethereum’s next move. Crypto analyst Ted Pillows suggested that ETH could rally toward the $1,900 level if buying momentum returns. At the same time, he warned that increased selling pressure could drive the asset down toward the $1,500 support zone.
The article also links Hayes’ latest Ethereum sale to other recent portfolio changes, including the liquidation of his Worldcoin (WLD), Hyperliquid (HYPE), and NEAR holdings. As a result, traders are monitoring Ethereum price action alongside whale activity to gauge the asset’s next major direction.
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