Hayes Dumps 2,364 ETH at Loss, Taps $241K Hole in Ethereum Holdings
Arthur Hayes, former CEO of BitMEX, has made a significant decision regarding his Ethereum holdings. According to recent transactions, he deposited 2,364.38 ETH into Cumberland and Galaxy Digital over two hours, converting them into 4.3 million USDC at an average price of $1,821.
This move resulted in a substantial loss for Hayes, totaling around $241,000. The former executive had accumulated 7,213 ETH for approximately $13.87 million just earlier this month, leaving him with a total loss of around $301,000 on his full position.
The current price action on the 4-hour chart shows Ethereum trading within its Bollinger Bands, with the upper band at $1,943.34 acting as immediate resistance. The 50-EMA and 200-EMA also define a bearish structure, while the RSI is at 39.11 and the MACD has printed a death cross.
Given this technical analysis, it seems likely that Ethereum will retest its lower band near $1,855.29 before any sustained recovery can occur.