Introduction
Former BitMEX CEO Arthur Hayes has executed significant altcoin sales totaling approximately $4 million during the recent crypto market downturn, marking his second major divestment this year. The selling spree, tracked by blockchain analytics firm Lookonchain, included major positions in ETH, ENA, and several other prominent altcoins as Bitcoin plunged to $94,000 and Ethereum dipped to $3,100, though Hayes maintained strong support for privacy coin ZEC which bucked the market trend with substantial gains.
Key Points
- Hayes sold multiple altcoin positions totaling approximately $4 million during market downturn
- ZEC emerged as notable exception with 26% weekly gain despite broader altcoin sell-off
- This marks second major divestment after August sales where Hayes warned of market correction
The Selling Spree: Two Waves of Major Altcoin Divestment
According to data from Lookonchain, Arthur Hayes initiated his latest selling spree by disposing of 520 ETH worth $1.66 million, 2.62 million ENA valued at $733,000, and 132,730 ETHFI amounting to $124,000 within just a few hours. The analytics company later updated that the sales continued with Hayes doubling down on his ETH and ENA positions, offloading an additional $820,000 worth of Ethereum and $651,000 in Ethena tokens.
The extended selling wave included significant positions in other major altcoins, with Hayes liquidating $480,000 in Lido DAO’s LDO token, $289,000 in Aave’s AAVE, and $209,000 in Uniswap’s UNI. Combined, these transactions represent approximately $4 million in altcoin sales executed during a single day of market turmoil, demonstrating a coordinated exit from multiple cryptocurrency positions across the decentralized finance ecosystem.
Market Context: Crypto Crash and ZEC's Defiant Performance
Hayes’ selling moves came immediately following what the source text describes as “the most recent crypto market crash,” with Bitcoin plunging to a six-month low of $94,000 and Ethereum dipping to $3,100 on Friday. The broader altcoin market experienced significant downward pressure, creating an environment where many investors faced substantial losses across their cryptocurrency portfolios.
Amid this widespread altcoin calamity, Zcash (ZEC) emerged as a notable exception, posting a 26% weekly gain and an impressive 220% monthly increase. Hayes has been openly supporting the privacy coin for several weeks and publicly praised ZEC’s performance on social media platform X, even comparing it favorably to XRP. This selective endorsement amidst broad divestment suggests Hayes maintains conviction in specific cryptocurrency projects even while reducing exposure to the broader altcoin market.
Historical Pattern: Hayes' Previous Market Warnings and Reaccumulation
This marks the second major altcoin divestment by the Maelstrom executive this year, following a similar selling spree back in August when Hayes warned that the crypto market was due for another pullback. At that time, his market prediction proved premature as the cryptocurrency market began to recover shortly after his sales, forcing Hayes to reaccumulate Ethereum positions at higher prices.
Following that episode, Hayes humorously committed via social media that he would “pinky swear” never to take profits again, highlighting the challenges even experienced market participants face in timing cryptocurrency market movements. The current selling activity represents a reversal of that lighthearted commitment, suggesting Hayes sees sufficient reason to secure profits despite his previous experience with premature exits.
The pattern of major selling during market downturns, combined with his continued public commentary on specific assets like ZEC, positions Hayes as a influential voice whose moves are closely watched by market participants. His actions provide insight into how sophisticated cryptocurrency investors are navigating current market conditions and managing risk across their digital asset portfolios.
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