Arthur Hayes sold 2,364 ETH units for $1,821, with a total price of $4.3 million and a loss of $241,

Arthur Hayes sold ETH amid the market decline, losing US$241,000

According to blockchain analysis platform Lookonchain, Arthur Hayes, co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, sold 2,364.38 Ethereum units for US$4.3 million on Friday. The deal reportedly resulted in a loss of $241,000.

Markets went down, Hayes reduced his position and left the market

This transaction occurred at a time when the cryptocurrency market was facing a new round of selling pressure. In the past 24 hours, the total market value of cryptocurrencies fell by about 2% to US$2.25 trillion. Bitcoin fell 2.7% to about $63,000, and Ethereum fell 3.1% to about $1860.

Hayes executed a sell operation at an average price of approximately US$1821 per ETH, transferring the tokens to major trading institutions Cumberland and Galaxy Digital in exchange for USDC. Although the deal is small compared to Ethereum's daily trading volume, this move has attracted widespread attention due to Hayes's well-known and long-term bullish supporter of Ethereum.

Lookonchain pointed out that during a period of fragile investor sentiment, Hayes's sell-off turned a previously floating loss on paper into an actual loss. According to Lookonchain data, Hayes transferred 2,364.38 ETH units to the trading platform, received 4.3 million USDC units, and sold them at US$1821 each, resulting in a loss of US$241,000.

Buy high and sell low: Review of recent transactions

According to Lookonchain's records, Hayes bought a total of 7213 ETH units from July 15 to 28, with an average entry price of US$1923 per unit and a total investment of approximately US$13.87 million. As the market turned downward in early August, Hayes chose to reduce his risk exposure and partially left the market at a loss. The move is in sharp contrast to his previous bullish stance on Ethereum.

Hayes, who has been known for his optimistic view of Ethereum's prospects, previously predicted that ETH could reach US$10,000 by the end of 2025. At the end of 2025, he expressed strong confidence in the upcoming rise of Ethereum, saying that a bull market was coming. After earlier predictions of a sharp rebound, Hayes recently wrote that the focus in the current market environment should be on protecting crypto capital. In recent public comments, he acknowledged the need to prioritize risk management over aggressive positions, implying that his decision to sell reflected a cautious response to volatile market conditions rather than a complete exit from Ethereum.

Market background and pledge dynamics

According to The Block data, more than 41 million ETH pieces are currently pledged in the Ethereum network, accounting for about one-third of the total circulation supply. The verifier activation queue has been extended to approximately 43 days. Small Dictionary: Cumberland and Galaxy Digital are institutional trading companies focusing on digital asset liquidity provision and market-making. However, Thomas Brunner, head of custody and pledge business at Sygnum Bank, said that the extension in queuing time mainly stems from existing verifiers receiving rewards, rather than new funds entering the network.

Financial services company TD Cowen recently lowered its year-end target price for Ethereum from approximately $3650 to $2371. This reduction reflects delays in regulatory progress related to tokenized assets in the United States. Analysts pointed out that Hayes 'recent trading is seen more as a reflection of widespread investor caution than a shift in Ethereum's fundamentals. Such actions by well-known macro traders have attracted much attention and are regarded as signals of market prospects and risk appetite.

(Note: The following is the content of the table, which has been converted into a textual description) Arthur Hayes previously predicted a target price for ETH of US$10,000 and is currently selling ETH at a loss;TD Cowen lowered its target price to US$2,371 due to regulatory delays. Hayes's deal is seen as a signal of investor caution rather than a change in Ethereum's fundamentals.