Ethereum News Today: Hayes' ETH Shift Sparks Debate: Market Peak or Tactical Retreat?

Arthur Hayes, co-founder of BitMEX, has intensified his on-chain activity, sending another 700 ETH to B2C2 amid a broader "repositioning" wave that has seen his portfolio shrink by over 30% in November 2025. The moves, tracked by on-chain analytics platforms Arkham Intelligence and Lookonchain, highlight a strategic shift in the crypto billionaire's holdings, with Ethereum-linked assets now dominating his portfolio. The transactions have sparked debate about whether Hayes' actions signal a waning bullish outlook for the current market cycle or a tactical rebalancing amid volatility.

Hayes' recent sales included 520 ETH ($1.66 million), 2.62 million ENA tokens ($733,000), and 132,730 ETHFI tokens ($124,000) on Sunday, followed by a second wave of 260 ETH ($820,000), 2.4 million ENA ($651,000), and 640,000 LDO ($480,000), among other tokens which were funneled to institutional desks like Flowdesk, FalconX, and Cumberland, which specialize in large-volume liquidations. His portfolio's value has dropped from $63 million to $42.2 million, with Ethereum now accounting for $18.03 million of his holdings - his largest single position according to reports.

The sales coincided with Ethereum's retreat to $3,100 and Bitcoin's decline to $94,000, raising questions about market sentiment. While Hayes has long been a vocal bull for crypto, analysts like Orbion argue his aggressive exits suggest he anticipates a cycle peak. "The rotation into major altcoins hasn't materialized, and it increasingly looks like it never will," Orbion noted, citing a "broken narrative" in the altcoin market. Meanwhile, a dormant Ethereum ICO wallet reawakened after a decade, transferring 200 ETH ($626,000) - a move seen as a signal of whale confidence in Ethereum's long-term potential.

Despite the selling pressure, Ethereum's price stabilized above $3,100, defying expectations of a sharper decline. Tom Lee, chairman of BitMine, remains bullish, drawing parallels to Bitcoin's historical resilience. "Bitcoin endured six 50%+ drops and three 75%+ declines in 8.5 years but still rose 100-fold by 2025," Lee said, suggesting Ethereum could follow a similar path through volatility.

Hayes' actions have deepened uncertainty in the crypto community, with critics questioning whether his sales reflect a loss of faith in altcoins or a defensive strategy amid market instability. His remaining holdings include 3,119 EETH ($9.8 million), 1,167 WEETH ($4 million), and $7.9 million in USDC, alongside smaller positions in tokens like PENDLE, LDO, and WBTC according to reports. The shift underscores a broader trend of institutional players consolidating exposure in blue-chip assets as retail altcoin enthusiasm wanes.