Hayes Sells ETH at Loss as Crypto Market Declines

Arthur Hayes, former BitMEX CEO and a prominent supporter of Ethereum, has sold some of his ETH holdings at a significant loss. According to tracking platform Lookonchain, he disposed of 2,364.38 ETH for 4.3 million USDC on August 1, resulting in a possible loss of $241,000.

The sale happened as the crypto market was already experiencing a decline. Over the past 24 hours, the cryptocurrency market fell by about 2% with Bitcoin trading around $63,000, a 2.7% decrease. Ether fell approximately 3.1% down to $1,860.

This transaction is notable because Hayes has been a long-term optimist for Ethereum. He bought 7,213 ETH between July 15 and July 28 for about $13.87 million with an average cost of around $1,923 per ETH. However, the position had already turned red before Friday's trade.

Hayes' selling price was $1,821 per coin, according to Lookonchain. The tokens were transferred to trading firms Cumberland and Galaxy Digital in exchange for USDC over roughly two hours. This sale marks the end of a downtrend that started several weeks prior.