Arthur Hayes, co-founder and former chief executive of BitMEX, sold 2,364.38 Ether last Friday for approximately $4.3 million in USDC, according to blockchain analytics data. The transaction, executed at an average price of $1,821 per ETH, produced a realized loss of $241,000, or about 5.3 percent.

The tokens were transferred to institutional trading firms Cumberland and Galaxy Digital over roughly two hours. While the volume remained modest relative to Ethereum’s daily trading activity, the move attracted attention because of Hayes’s long-standing support for the asset and his track record as a high-profile macro trader.

Sale Occurs During Broader Market Weakness

The disposal took place as the cryptocurrency market faced renewed selling pressure. Total market capitalization declined around 2 percent over 24 hours to $2.25 trillion. Bitcoin fell 2.7 percent to near $63,000, while Ether dropped 3.1 percent to about $1,860.

Data from Lookonchain showed that Hayes had accumulated 7,213 ETH between July 15 and July 28 at an average cost of $1,923 per coin, committing roughly $13.87 million. The Friday sale therefore closed out part of that position after prices moved lower, converting earlier paper losses into realized ones.

Shift From Earlier Bullish Stance

Hayes had previously projected that Ether could reach $10,000 by the end of 2025 and expressed strong confidence in an impending rally. In late 2025 comments he stated that a bull run was approaching and that his firm Maelstrom was focusing on Ethereum-related opportunities.

His more recent public remarks indicate a change in priority toward capital preservation amid current conditions. The sale is widely interpreted as a risk-management step rather than a complete withdrawal from the asset.

Ethereum Network and Analyst Views

Ethereum continues to show substantial staking activity, with more than 41 million ETH—approximately one-third of the circulating supply—locked in the network. The validator activation queue has extended to about 43 days. According to Thomas Brunner, head of custody and staking at Sygnum Bank, the longer queue largely stems from existing validators claiming rewards rather than significant new capital inflows.

Separately, financial services firm TD Cowen lowered its year-end price target for Ether from roughly $3,650 to $2,371, citing slower-than-expected progress on U.S. regulatory developments related to tokenized assets.

Market participants view the transaction primarily as a signal of cautious positioning by a well-known trader rather than a material change in Ethereum’s underlying dynamics. Hayes has historically adjusted exposure in response to shifting macroeconomic conditions while maintaining a longer-term interest in the asset class.