- Arthur Hayes sells $13M in crypto citing macroeconomic concerns.
- Shifted more than 80% portfolio to stable USDC.
- Other crypto whales followed, increasing market sell pressure.
Arthur Hayes, co-founder of BitMEX, recently liquidated over $13 million in cryptocurrency holdings, notably selling $8.32 million in ETH and shifting funds into stable USDC.
Hayes’ actions underscore a move to risk-off strategies amid global economic uncertainties, influencing broader market trends and potentially signaling short-term volatility.
Impact of Arthur Hayes’ Crypto Sell-Off
Arthur Hayes, co-founder of BitMEX, recently sold over $13 million in various cryptocurrencies including ETH, ENA, and PEPE. Hayes confirmed his actions citing global economic concerns, and moved over 80% of his portfolio into USDC.
Hayes publicly acknowledged ownership of the selling wallet. He noted the global credit slowdown and US trade tariffs as risks. His decision to reallocate funds aligns with a broader risk-off sentiment among crypto whales and investors.
The crypto market experienced heightened volatility as Hayes led a shift toward stable assets. Arkham Intelligence tracked these movements, highlighting Hayes’ wallet now predominantly composed of USDC, signaling risk aversion in the market.
Consequently, financial implications for cryptocurrencies persist, with ETH, ENA, and PEPE affected. These sell-offs often signal potential short-term market corrections amid heightened economic uncertainties and evolving regulatory frameworks.
Notable effects were seen among other large holders, who mirrored Hayes’ sell-off by offloading significant amounts onto exchanges, amplifying sell pressure. This activity often correlates with market downturns during periods of economic anxiety.
Historical precedents show similar whale movements frequently coincide with short-term market volatility. Market observers speculate potential implications for crypto asset prices, referencing past trends of regulatory actions influencing such market dynamics.
“Sluggish global credit expansion and US trade tariffs are combining to create a risk-off environment,” said Arthur Hayes, Co-founder and former CEO of BitMEX.
