Arthur Hayes reduces DeFi holdings, selling almost 1,500 Ethereum during the weekend.
Over the past weekend, Arthur Hayes, the co-founder and former CEO of BitMEX, made a significant move by selling nearly 1,500 Ethereum (ETH) from his crypto holdings. This resulted in a reduction of his Ethereum stash from 6,500 ETH to 5,000 ETH, confirmed by on-chain analysis. The current value of Hayes’ Ethereum holdings stands at $16.11 million, with an unrealized profit of 0.94%.
In addition to selling Ethereum, Hayes also cut back on his positions in various decentralized finance (DeFi) tokens such as Enzyme (ENA), Lido (LDO), Aave (AAVE), Uniswap (UNI), and ETHFi (ETHFI). Akham Intelligence data revealed that Hayes has been actively reducing his crypto exposure, rather than just transferring assets.
Interestingly, Hayes’ recent sale of Ethereum is not his first foray into such a move. Earlier, on August 1, he offloaded Ethereum when its market price hit lows, only to buy it back nine days later at a higher price point. This strategic maneuver indicates Hayes’ calculated approach to managing his crypto portfolio.
Meanwhile, Ethereum’s price experienced a minor uptick in early trading on Monday, registering a more than 1% increase in the last 24 hours. However, Stocktwits data reflect a prevailing ‘bearish’ sentiment among retail investors, with discussion levels categorized as ‘normal.’ Notably, Ethereum’s current price hovers over 35% below its all-time high of over $4,900, reached in August.
Looking at the broader market dynamics, Tom Lee, a renowned analyst from Fundstrat and executive chairman of BitMine, has drawn parallels between Ethereum and Bitcoin’s potential supercycle. Lee suggested that Ethereum might be poised for a significant upward trajectory akin to Bitcoin’s historical performance.
Lee drew upon Bitcoin’s journey, noting that it faced numerous corrections of up to 75% before eventually surging to 100x gains. He expressed his belief that Ethereum could be embarking on a similar supercycle, pointing to the cryptocurrency’s performance vis-a-vis Bitcoin’s recent price milestones.
BitMine Immersion Technologies (BMNR), a key player in the digital asset treasury space backing Tom Lee, witnessed a slight uptick of 0.3% in pre-market trading. The sentiment surrounding BMNR remains ‘bearish’ among retail investors, accompanied by normal levels of discussion activity.
Arthur Hayes’ strategic divestment from Ethereum and DeFi tokens over the weekend serves as a noteworthy development in the crypto sphere. As the market continues to evolve, such moves by influential figures like Hayes and insights from analysts like Tom Lee offer valuable insights into the future trajectory of cryptocurrencies like Ethereum.
