Key Highlights
- Arthur Hayes reportedly lost about $606K after buying 5,900 ETH at a higher price and selling 6,000 ETH at a lower price.
- Ethereum is trading in a weak range around $1,700, with falling trading volume and mixed market activity.
- While Hayes is selling, other big wallets like K3 Capital and Chun Wang’s address are still accumulating ETH.
Arthur Hayes, co-founder of BitMEX, has reportedly taken a short-term Ethereum (ETH) trade that ended in a loss of about $606,000, according to on-chain data shared by Lookonchain.
In an X post on Friday, Lookonchain stated that Hayes bought 5,900 ETH worth about $10.58 million over the past four days at an average price of about $1,793 per ETH, meaning he entered the market when prices were a bit higher. After holding the position for a short time, he sold 6,000 ETH worth today for about $10.14 million at around $1,690 per ETH.
The difference between his entry and exit prices created a loss of around $606K, as he exited more ETH than he originally bought. This all played out while Ethereum was moving in a tight range around the $1,700 level, where buyers and sellers were struggling to take control.
Ethereum trades tight near $1,700
The transactions happened while Ethereum was still trading in a tight range and struggling to hold above key support levels. At the time of reporting, ETH was priced around $1,698, which represents a small daily gain of about 1.2% from a daily low of $1970.
However, trading activity has dropped by 41% within the last 24 hours to about $9.07 billion, which suggests that there are fewer active traders in the market. Over the past week, ETH has gained around 2.19%, but it remains down about 19% over the past month.
Whale accumulation continues despite selling pressure
Despite Hayes’ reported sale and dropping trading activity, some whales seem to see a future in the assets. Just a few hours ago, Lookonchain reported that K3 Capital purchased 10,000 ETH worth about $16.92 million from Binance, while a wallet linked to Chun Wang acquired 7,650 ETH valued at $12.93 million.
These moves indicate that while some traders like Hayes are exiting the market, others are still accumulating at current price levels.
At the same time, Hayes has also been reducing exposure to other cryptocurrencies lately. Earlier this month, he disclosed that he has completely exited his Zcash (ZEC) holdings. Aside from that, he has also sold his Worldcoin ($WLD) as well as his $HYPE and $NEAR.
Also Read: Morgan Stanley Files for Spot Ethereum ETF With Staking