BitMEX co-founder Arthur Hayes has made headlines again after unloading millions in altcoins and sending a fresh batch of Ethereum to a major market maker, all while showing renewed interest in privacy coin Zcash.
Quick Summary – TLDR:
- Arthur Hayes offloaded over $6 million in altcoins, including Ethereum, Ethena, Lido DAO, and Uniswap.
- 700 ETH worth $2.22 million was transferred to B2C2, a top institutional liquidity provider.
- The market interprets his moves as signs of risk reduction, especially amid recent crypto liquidations.
- Hayes showed bullish signals for Zcash (ZEC), sharing a trading chart and saying he “aped more.”
What Happened?
Arthur Hayes has been actively trimming his crypto portfolio, transferring large sums of ETH and other altcoins through platforms like Wintermute, FalconX, and B2C2. The series of transfers, totaling millions of dollars, comes as the market experiences heightened volatility and a sharp rise in liquidations. Despite offloading various tokens, Hayes has turned his attention toward Zcash, hinting at a possible strategic pivot.
Arthur Hayes(@CryptoHayes) appears to have sold 520 $ETH($1.66M), 2.62M $ENA($733K), and 132,730 $ETHFI($124K) 4 hours ago.https://t.co/loeYKUb9rN pic.twitter.com/NDEJlxGiWn
— Lookonchain (@lookonchain) November 16, 2025
Arthur Hayes Dumps Altcoins Into a Volatile Market
In a week marked by steep declines and liquidations across the crypto landscape, Arthur Hayes moved quickly to adjust his positions. Data from Lookonchain and Arkham Intelligence shows Hayes selling or transferring:
- 1,480 ETH worth about $4.7 million.
- 2.4 million ENA valued at $651,000.
- 640,000 LDO worth $480,000.
- 1,630 AAVE totaling $289,000.
- 28,670 UNI priced at $209,000.
- 132,730 ETHFI and additional ENA and ETH holdings.
His most recent transaction involved sending 700 ETH worth approximately $2.22 million to B2C2, a known institutional trading desk. Although it remains unconfirmed whether that batch has been sold, many in the crypto community interpret it as a sign of preparation for liquidation.
These activities come as the broader crypto market sees heightened stress. In the last 24 hours alone, 152,035 traders were liquidated, wiping out nearly $620 million in positions, according to CoinMarketCap. Bitcoin and Ethereum accounted for the largest losses, with $243.5 million and $170 million in liquidations respectively.
Liquidity Cycling and Stablecoin Movement
On-chain activity points to more than just asset sales. Hayes’ wallets also saw a steady flow of stablecoins in and out, including:
- $3.15 million USDC from a private address.
- $819,900 USDC from Binance.
- $548,000 USDC from Wintermute.
These inflows, followed by sharp outflows, suggest Hayes may be cycling liquidity through professional trading desks. Analysts see this behavior as a sign of repositioning rather than casual portfolio management.
Doubling Down on Zcash
While trimming most of his altcoin exposure, Hayes has turned noticeably bullish on Zcash (ZEC). He posted a ZEC/BTC trading chart on X and mentioned he had “aped more.” That post quickly gained traction, with many traders viewing it as a strong signal.
The ZEC/BTC pair has since moved from 0.0045 BTC to over 0.0068 BTC, showing clear higher highs and stronger volume. With growing market interest in privacy-focused coins and tightening liquidity, Hayes’ Zcash move is being closely watched.
Traders React to Hayes’ Timing
Despite the bold moves, many traders poked fun at Hayes’ market timing. Screenshots of his transactions circulated across social media, with some users jokingly calling him a “bottom signal.” One user wrote, “Arthur Hayes selling the bottom is basically a pattern now.”
This isn’t the first time Hayes mistimed a sale. On August 1st, he sold ETH at a local bottom and bought back at a higher price just over a week later. Still, others believe his current strategy may be based on expectations of a deeper correction ahead.
SQ Magazine’s Takeaway
I find Arthur Hayes’ latest moves fascinating. On one hand, he’s clearly trying to reduce risk in a shaky market. On the other, he’s not leaving the game. Instead, he’s reallocating capital toward assets like Zcash, which he believes could outperform. That kind of pivot takes guts and signals he’s still confident in select opportunities. Whether he’s early, late, or just plain wrong remains to be seen, but one thing’s for sure. When Hayes moves, the market watches.
