Key facts
- BitMEX co-founder Arthur Hayes sold 6,000 ETH.
- Hayes incurred a $606,000 loss on the sale.
- Ethereum's price is trading near the $1,700 support level.
- Other market participants, referred to as whales, are accumulating ETH.
- Analyst predictions for ETH range from $1,500 to $1,900.
BitMEX co-founder Arthur Hayes has sold 6,000 Ethereum (ETH) tokens for $10.14 million, resulting in a loss of approximately $606,000. This transaction, which occurred at an average price of $1,690 per ETH, deviates from Hayes' typical strategy of profiting from price increases.
Hayes had previously accumulated 5,900 ETH over recent days at an average cost of $1,793 per token. The sale has sparked speculation about his confidence in Ethereum's future price trajectory, especially as ETH struggles to maintain support near the $1,700 level amid broader crypto market weakness.
Despite Hayes' bearish move, other market participants, referred to as 'whales,' are reportedly accumulating ETH. Data from Lookonchain indicates that K3 Capital acquired 10,000 ETH worth $16.92 million, and a wallet linked to Chun Wang purchased 7,650 ETH valued at $12.93 million.
Ethereum's price has seen selling pressure, trading near $1,700 and hitting a low of $1,670 in the past 24 hours. Analyst Ted Pillows has suggested that ETH could potentially reach $1,900 if buying pressure increases, or fall to $1,500 if selling pressure intensifies. Hayes has also recently sold holdings in Worldcoin and Hyperliquid (HYPE), adding to market concerns.