Galaxy

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<p style="text-align: justify">Arthur Hayes, co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, sold 2,364.38 Ether for $4.3 million in USDC last Friday, according to data from blockchain analytics platform Lookonchain. The sale reportedly resulted in a realized loss of $241,000.</p><h2 id="hayes-exits-position-amid-market-downturn">Hayes exits position amid market downturn</h2><p style="text-align: justify">The transaction occurred as the cryptocurrency market experienced renewed selling pressure. Over the past 24 hours, the total crypto market capitalization dropped by around 2% to $2.25 trillion. <a href="https://en.coin-turk.com/microstrategy-now-holds-818869-btc-worth-64-23-billion/" rel="noopener noreferrer nofollow">Bitcoin</a> fell 2.7% to approximately $63,000, while Ether declined 3.1% to about $1,860.</p><p style="text-align: justify">Hayes executed the sale at an average price of $1,821 per ETH, transferring the coins to major trading firms Cumberland and Galaxy Digital in exchange for USDC. Although the size of the transaction was relatively small compared to <a href="https://en.coin-turk.com/blackrock-ethereum-etf-surpasses-3-billion-in-investments/" rel="noopener noreferrer nofollow">Ethereum</a>‘s daily volumes, it drew significant attention due to Hayes’s reputation as a high-profile and long-term Ethereum supporter.</p><p style="text-align: justify">Lookonchain highlighted that Hayes’s sale turned previous paper losses into realized losses during a period of fragile investor sentiment.</p><blockquote><p>Hayes transferred 2,364.38 ETH to trading desks and received $4.3 million USDC, selling at $1,821 per ETH and taking a loss of $241,000, according to Lookonchain.</p></blockquote><h2 id="buying-high-selling-low-recent-history-of-trades">Buying high, selling low: Recent history of trades</h2><p style="text-align: justify">According to Lookonchain, Hayes accumulated 7,213 ETH between July 15 and July 28 at an average entry price of $1,923 per coin, investing roughly $13.87 million. As the market turned downward in early August, Hayes opted to reduce his exposure, exiting part of his position at a loss. This move stands in contrast to his previously bullish stance on Ethereum.</p><p style="text-align: justify">Hayes, once known for his optimistic outlook on Ethereum’s prospects, previously projected that ETH could reach $10,000 by the end of 2025. In late 2025, he expressed strong confidence in Ethereum’s upcoming rally, stating that a bull run was imminent.</p><blockquote><p>After previously predicting a significant rally, Hayes recently wrote that the focus is now on preserving crypto capital under present market conditions.</p></blockquote><p style="text-align: justify">In his recent public comments, Hayes acknowledged the need to prioritize risk management over aggressive positioning, suggesting that his decision to sell reflects a cautious response to volatile market conditions rather than a wholesale exit from Ethereum.</p><h2 id="market-context-and-staking-dynamics">Market context and staking dynamics</h2><p style="text-align: justify">Currently, over 41 million ETH—about a third of the circulating supply—is staked in the Ethereum network, with the validator activation queue lengthening to approximately 43 days, according to The Block.</p><p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: Cumberland and Galaxy Digital are institutional trading firms specializing in digital asset liquidity provisioning and market making.</p><p style="text-align: justify">However, Sygnum Bank’s Head of Custody and Staking, Thomas Brunner, stated that the longer queue is largely due to existing validators claiming rewards instead of fresh capital entering the network.</p><p style="text-align: justify">Financial services firm TD Cowen recently revised its year-end price target for Ether, reducing it from about $3,650 to $2,371. The downward adjustment reflects delays in US regulatory developments related to tokenized assets.</p><table style="border:1px solid #f1e4d8;padding:8px"><thead><tr><th>Entity</th><th>ETH Price Target (2026)</th><th>Status/Comment</th></tr></thead><tbody><tr><td>Arthur Hayes</td><td>$10,000 (previously predicted)</td><td>Now selling ETH at losses</td></tr><tr><td>TD Cowen</td><td>$2,371 (revised)</td><td>Cut target due to regulatory delays</td></tr></tbody></table><p style="text-align: justify">Hayes’s recent transaction is viewed more as a reflection of broader investor caution than as a shift in Ethereum’s fundamentals. Analysts note that such moves from well-known macro traders are closely watched for signals on market outlook and risk appetite.</p><p>The post <a href="https://en.coin-turk.com/arthur-hayes-sells-2364-eth-at-1821-for-4-3-million-takes-241000-loss/" rel="noopener noreferrer nofollow">Arthur Hayes sells 2,364 ETH at $1,821 for $4.3 million, takes $241,000 loss</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Arthur Hayes sells 2,364 ETH at $1,821 for $4.3 million, takes $241,000 loss

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