Arthur Hayes Dumps 6K ETH Below Cost — Whales Yawn, Keep Aping 🐳

BitMEX co-founder Arthur Hayes has sold roughly 6,000 $ETH at a loss, adding fresh pressure to an Ethereum market already struggling to hold the $1,700 level. According to on-chain analytics account Lookonchain, Hayes had accumulated 5,900 ETH, valued at $10.58 million, over the past several days at an average price of $1,793 per coin. He then offloaded 6,000 ETH at approximately $1,690, generating about $10.14 million in proceeds, effectively realizing a per-token loss relative to his recent buys.

The transactions were first flagged by Lookonchain and reported on August 5, with Hayes' sell-side activity drawing renewed attention given his reputation as a contrarian market timer known for buying low and selling higher. The dump coincides with a broader pullback across digital assets, with $ETH repeatedly testing the $1,700 support zone amid muted risk appetite. Market data cited in the report placed the token's near-term price action firmly below the levels at which Hayes built his position.

While Hayes trimmed exposure, larger holders moved in the opposite direction. Whale addresses, as tracked by Lookonchain, continued aggressive accumulation of $ETH through the same period, snapping up tokens even as the founder reduced his stash. The divergence highlights the split in positioning among major market participants at current price levels.

Hayes' sale came against a backdrop of tepid sentiment across crypto markets, with $BTC and major altcoins trading sideways to lower over recent sessions. The report did not attribute any specific quote to Hayes regarding the rationale behind the transactions.