Amid the ongoing market downturn, Arthur Hayes, the co-founder of renowned crypto trading firm BitMEX, has been spotted moving large amounts of his Ethereum fortune to an unknown destination.
According to recent data showcased by Arkham Intelligence, Hayes has moved up to $19.35 million worth of Ethereum to an unlabelled blockchain address.
Is Arthur Hayes selling?
While the data further shows that this is not the first time Hayes has moved large amounts of Ethereum from his wallet, the transaction has caught the attention of market participants.
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Notably, the unidentified destination of the Ethereum transfer has sparked curiosity about the purpose of the transaction, as there is no clear evidence that Hayes has sold the ETH.
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It is important to note that transferring crypto assets to an unlabelled address does not necessarily mean that a sale has taken place.
Since no additional information about the destination address was provided, or whether it was received by a crypto trading platform, it remains unclear whether the $19.35 million transfer is a potential attempt to sell or just a wallet reorganization.
Hayes now holds $27 million of ETH onchain
Further data shows that Hayes has remained consistent in redistributing his Ethereum fortune, as he has moved up to $298.1 million between his own wallets over the past two years.
While Hayes had also transferred about $68.5 million worth of ETH to unlabelled addresses over the same period, the data shows that he now holds about $27.1 million worth of Ethereum on-chain.