Ethereum Bull Arthur Hayes Cuts Losses with $4.3 Million Ether Sale

Arthur Hayes, former co-founder of BitMEX, has reduced his Ethereum holdings by selling 2,364.38 ether for $4.3 million in USDC, resulting in a loss of approximately $241,000.

The sale took place on August 1, as the broader cryptocurrency market was experiencing weakness. Total market capitalization had fallen around 2.1% over the past 24 hours to $2.25 trillion, and Bitcoin hovered around $63,000.

Hayes' transaction drew attention because he is a long-time Ethereum bull who has expressed confidence in the asset's prospects, even going so far as to predict it could reach $10,000 by the end of 2025.

However, more recently Hayes has taken a defensive stance, advising investors to protect their crypto assets. The sale of his Ethereum holdings is seen as a step towards reducing risk exposure in an uncertain market.