Hayes Cashes Out 6K $ETH at a Loss While Whales Quietly Hoard the Same Bag 🐳

BitMEX co-founder Arthur Hayes has sold 6,000 ETH at a loss, transferring the tokens from his private wallets to centralized exchanges FalconX and Galaxy Digital, according to Onchain Lens and Lookonchain data. The transfers carried a combined value of roughly $10.41 million to $10.14 million, depending on the pricing cited, with Hayes offloading the $ETH at approximately $1,690 per coin. The sale followed an accumulation of 5,900 $ETH valued at $10.58 million at an average price of $1,793 per $Ethereum between 16 and 17 June, resulting in a realized loss on the position.

The transactions come as Ethereum struggles to hold the $1,700 support level. $ETH, the world's second-largest cryptocurrency by market capitalization, peaked at $597.54 billion before sliding to $203.56 billion, a decline of more than half its value. The total crypto market capitalization, which once reached $4.6 trillion, stood at $2.12 trillion at press time.

Hayes, who serves as Chief Investment Officer of Maelstrom, has a documented track record of offloading positions shortly after public commentary. On 4 June, he announced he had exited his HYPE and NEAR positions only days after predicting HYPE would reach $100, a level the asset never hit. HYPE subsequently slid to $54 and NEAR dropped to $1.81. Past transfers from his private wallets to exchanges, once confirmed as sales, have generally carried a net negative effect on prices.

Exchange-side metrics point to continued selling pressure. Ethereum's exchange reserves in dollar terms have risen roughly $2.62 billion since 5 June, climbing from $22.97 billion. Measured by $ETH held, reserves grew from 14.54 million to 14.62 million between 9 June and the latest 18 June reading, an 80,000 $ETH increase. Spot netflow data recorded a net outflow of roughly 66,255.2 $ETH, equivalent to about $112.09 million more in value offloaded, though an incomplete 19 June reading showed buying briefly outpacing selling.

Despite Hayes' move, large holders continue to accumulate $ETH, with on-chain trackers noting aggressive whale buying even as price action remains subdued near $1,700.