BitMEX Co-Founder Arthur Hayes Sells ETH at Loss Amid Market Downturn

Arthur Hayes, co-founder of BitMEX, has sold 2,364 ETH at an average price of $1,821, incurring a realized loss of $241,000. The sale occurred amid a market downturn, with the crypto market cap falling 2% and Ether dropping 3.1%. This is not the first time Hayes has bought high and sold low; he had previously accumulated ETH at higher prices earlier in July.

The transaction drew attention due to Hayes's reputation as a long-standing supporter of Ethereum, but analysts view the sale as a risk-management measure rather than a loss of faith in the asset. Hayes had predicted that Ether could reach $10,000 by the end of 2025, and his recent actions may reflect broader investor caution.

The sale also involved the transfer of SYN and ENA to trading firms Cumberland and Galaxy Digital. Market signals remain mixed, with TD Cowen cutting its ETH price target from $3,650 to $2,371 due to regulatory delays.