Haciyev Reşit 
Arthur Hayes, co-founder of BitMEX and well-known for his aggressive and speculative trading style in the crypto market, is once again at the center of attention after executing several large on-chain transfers today. Hayes sold millions of dollars’ worth of altcoins in a short period, raising concerns and speculation among market participants about the potential impact of these sales.
Hayes Begins First Major Sell-Off in the Early Hours
According to on-chain analytics platforms, Arthur Hayes initiated a significant wave of transfers early this morning. The tokens leaving his wallet were sent to institutional market makers such as Flowdesk, FalconX, and Wintermute—entities generally known to receive tokens for selling.
In the first batch, Hayes offloaded:
- 520 ETH (~$1.66M)
- 624M ENA (~$730K)
- 132K ETHFI (~$120K)
Following these transactions, a visible reduction was observed in Hayes’ portfolio.
Second Wave: Another Sell-Off One Hour Later
About an hour after the initial sell-off, Hayes executed a second and even larger dump. This time, he transferred a total of approximately $2.45M in assets.
Tokens sold in the second wave:
- 260 ETH (~$820K)
- 40M ENA (~$657K)
- 640K LDO (~$480K)
- 1,630 AAVE (~$290K)
- 28,670 UNI (~$211K)
These additional transfers significantly increased the day’s total dump volume and quickly became one of the most discussed events in the crypto community. Although Hayes recently made positive remarks about Zcash (ZEC), it is currently unknown whether he holds or has sold any ZEC—raising curiosity and speculation across social media.
4.7M USD in ETH Sold in the Last Two Days — A Historical Parallel
According to Lookonchain, Hayes has sold $4.7 million worth of ETH in just the last 48 hours. A notable historical detail caught analysts’ attention:
- Hayes last sold ETH on August 1st
- ETH was near a bottom at that time
- 9 days later, ETH surged significantly
This sparked renewed debate over Hayes’ tendency to sell close to short-term bottoms.
Assets Transferred in the Last 24 Hours
On-chain tracking tools confirm that Hayes transferred the following amounts to FalconX and Wintermute within the last 24 hours:
- 520 ETH (~$1.64M)
- 82M ENA (~$1.04M)
- 640K LDO (~$480K)
- 28K UNI (~$208K)
- 132K AAVE (~$289K)
- 132K ETHFI (~$125K)
In total, over $4 million in assets have left Hayes’ portfolio within a single day. Additionally, after these sales, 820K USDC moved from Binance and Wintermute wallets into Hayes’ wallet—further confirming the likelihood that the tokens were indeed sold. Hayes has not yet issued any official statement regarding these movements.
How Do Hayes’ Sales Affect the Market?
Arthur Hayes is known for his sudden moves and outsized influence in the crypto markets. Today’s sell-offs could:
- Create short-term volatility in low-liquidity altcoins
- Increase selling pressure on ENA, LDO, ETHFI, and similar assets
- Add volume-driven pressure to ETH
According to experts, large whale movements especially from a figure like Hayes—can swiftly impact market sentiment. However, there is still speculation about Hayes’ broader strategy: Is he freeing liquidity to buy other assets—possibly ZEC, which he has praised recently? For now, the market continues to monitor Hayes’ wallet closely.
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