Arthur Hayes Dumps 6K Ethereum at Loss as ETH Struggles Near $1,700

2 hours ago

By Rupam Roy

Sub-Editor

Expertise : Crypto, Blockchain, Web3, Artificial Intelligence (AI), Global News, Stock Market

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Arthur Hayes Moves Millions: Is Ethereum Price About to Crash Below $3,000?

Highlights

Arthur Hayes sells 6,000 Ethereum at a loss, surprising investors.
Ethereum struggles to hold $1,700 amid broader market weakness.
Despite Hayes’ move, whales continue aggressively accumulating ETH.

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BitMEX co-founder Arthur Hayes is once again in the limelight, but this time due to his latest Ethereum movement. According to the latest market data, Hayes has offloaded a hefty amount of ETH, that he has purchased over the past few days at a loss.

Notably, he is known for buying tokens at a lower price and selling them at a higher price. Having said that, his latest move has sparked speculations while also triggering doubts over his long-term confidence in the Ethereum price.

Arthur Hayes Dumps Ethereum But Whales Remain Bullish

The ETH price has struggled to break through the $1,700 support amid a gloomy sentiment recorded in the broader crypto market. At the same time, the latest move from Arthur Hayes has further weighed on the investors’ sentiment.

According to Lookonchain, Arthur Hayes has accumulated 5,900 ETH, valued at $10.58 million, over the past few days. The accumulation was done at an average price of $1,793 per Ethereum.

However, today, Hayes has dumped 6,000 ETH at $1,690 per coin, the report showed. In other words, he has sold 6,000 Ethereum at $10.14 million, resulting in a loss of $606k. This has fueled concerns, as Arthur Hayes is usually known for buying low and selling at higher prices.

Despite that, it seems that not everyone is bearish on the second-largest crypto by market cap. For context, another Lookonchain report showed that “whales are accumulating ETH.”

As per the report, K3 Capital bagged 10,000 ETH, worth $16.92 million, from Binance today. Simultaneously, Chun Wang-related wallet has scooped up 7,650 Ethereum, valued at $12.93 million, recently.

Whales Accumulating Ethereum — Source: Lookonchain

ETH Price Struggles Near $1,700

Ethereum price has continued to stay in the negative territory, and rested near the $1,700 mark today. The crypto has touched a low of $1,670 in the last 24 hours, which highlights the immense selling pressure in the market.

Amid this, analyst Ted Pillows has sparked discussions about whether the ETH price can move towards the $1,900 mark ahead or not. Simultaneously, if selling pressure worsens, he suggested that the crypto might slip to $1,500 support next.

Meanwhile, these mixed signals, alongside Hayes’s latest Ethereum move, have fueled concerns among traders. It’s worth noting that Arthur Hayes has also dumped Worldcoin this month, ahead of the blockbuster SpaceX IPO.

In addition, he has also dumped his entire Hyperliquid (HYPE) holdings as well as NEAR tokens, which has further fueled concerns among traders. So, the investors are keeping close track of the Ethereum price movements now, before putting their bets into the asset.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.