Arthur Hayes Sells Nearly $5M in Altcoins as Crypto Market Hits Multi-Month Lows

Arthur Hayes, co-founder of BitMEX, offloaded almost $5 million worth of digital assets within 24 hours as the crypto market experienced one of its sharpest declines in months. Data from Lookonchain shows that Hayes significantly cut his exposure to several major altcoins, executing transactions through platforms such as FalconX and Wintermute. His largest move was the sale of $2.48 million in Ethereum, followed by $1.384 million in Ethena and $480,000 in Lido DAO. Additional liquidations included $289,000 in Aave, $209,000 in Uniswap, and $124,000 in ether.fi.

These transactions occurred amid a broad market downturn that dragged top cryptocurrencies to multi-month lows. Bitcoin dipped to $94,000 while Ethereum slid to $3,100, intensifying pressure across the altcoin market. Analysts noted that sell-offs from large holders accelerated the decline as liquidity tightened and volatility spiked, pushing many traders to reduce risk and exit positions.

Hayes’ decision to trim a variety of altcoins reflects a strategic shift commonly seen during market stress, as major investors rebalance portfolios to minimize losses. Despite his widespread sell-offs, Hayes reaffirmed his strong support for Zcash. He argued that ZEC has significantly more upside potential compared to XRP, pointing to their differing market caps — Zcash at around $10 billion versus XRP at roughly $135 billion. Hayes also revealed that ZEC is now his second-largest liquid asset after Bitcoin.

He suggested that ZEC could eventually be valued at 0.2 BTC, or approximately $19,200, which would push its market cap to about $313 billion and elevate it to the third-largest cryptocurrency behind Bitcoin and Ethereum. Remarkably, Zcash has surged 18.8% in the past week and over 235% this month, outperforming most altcoins despite widespread sell-offs across global markets.

Hayes’ latest moves highlight how influential traders adapt during turbulent conditions, with his altcoin liquidation and concentrated bet on Zcash signaling a deliberate repositioning as the broader market recalibrates after a steep downturn.