Arthur Hayes’ trading activity, especially Ethereum sales, accelerated in November 2025, drawing heightened attention from market observers. The BitMEX co-founder cut his crypto portfolio by more than 30%, reducing its value from $63 million to about $42.2 million, according to Arkham Intelligence.
Lookonchain reported that Hayes sold 1,480 ETH worth $4.7 million over the past two days. However, analysts noted that his timing raised questions again, pointing out that he previously exited ETH near a local bottom in August and repurchased it nine days later at a higher price. As such, many believe this could mark the bottom for the altcoin leader, which may now rebound to higher prices.
Arthur Hayes(@CryptoHayes) has sold 1,480 $ETH ($4.7M) over the past 2 days — but he's not good at trading $ETH.
The last time he sold $ETH was on Aug 1, right at the bottom, and just 9 days later, he bought $ETH back at a higher price.https://t.co/tr9zRlJBkd pic.twitter.com/YyE6wv5rEl
— Lookonchain (@lookonchain) November 17, 2025
Hayes Unwinds Key Positions During Heavy Selling Wave
Hayes executed several major disposals in rapid succession. He sold 520 ETH for $1.66 million and offloaded 2.62 million ENA tokens valued at $733,000. His sales continued as he exited 132,730 ETHFI for $124,000 and reduced his ETH exposure once more by selling another 260 ETH for roughly $820,000.
Additional transactions included 2.4 million ENA for $651,000 and 640,000 LDO for $480,000. He also closed positions in 1,630 AAVE worth $289,000 and 28,670 UNI valued at $209,000. Combined, the disposals totaled nearly $5 million in a single trading day.
His updated portfolio now centers on Ethereum-based assets and stablecoins. He holds 5,731 ETH, valued at $18.03 million, and 3,119 EETH, worth $9.8 million. He also maintains 1,167 WEETH valued at $4 million and $7.9 million in USDC, with smaller allocations in PENDLE, BIO, LDO, WILD, SUSDE, BOBA, WBTC, and SENA.
Analysts Debate Motivations Behind Hayes’ Ethereum and Crypto Sales
Market analysts reacted quickly to Hayes’ repositioning. Many noted that the sales contrasted with his previously bullish public tone. Orbion, a well-followed commentator, highlighted that Hayes sold several billion-dollar market-cap assets at a loss, including ETH, ENA, LDO, UNI, and AAVE.
Orbion suggested the exit may indicate that Hayes believes the current cycle is weakening. Further attention followed after blockchain data confirmed that Hayes had deposited 700 ETH, worth approximately $2.22 million, to liquidity provider B2C2.
Tom Lee Says Ethereum Is Entering a “Supercycle”
Despite Hayes’ pullback, some market figures see growing strength in Ethereum’s long-term outlook. Tom Lee, executive chair of Ether treasury firm BitMine, said Ethereum is beginning the same trajectory that enabled Bitcoin to increase a hundredfold since 2017.
Lee noted that Fundstrat advised clients to buy Bitcoin when it traded near $1,000. Although BTC suffered several deep corrections, including some reaching 75%, it ultimately rallied far beyond those levels. He argued that Ethereum now exhibits similar structural characteristics and could follow a comparable long-term path.
The CoinRemark Team
Evans Kelvin
