Arthur Hayes, the former BitMEX CEO, deposited 2,364.38 ETH into trading firms Cumberland and Galaxy Digital on Tuesday, receiving 4.3 million USDC in return. The sale price of $1,821 per Ether left him with a loss of $241,000 — about 5.3% on that portion of his holdings.
The trade details
According to blockchain analytics resource Lookonchain, Hayes moved the Ether to Cumberland and Galaxy Digital, two firms that often handle large institutional trades. The transaction was executed at a price well below his average buy-in. Hayes had previously purchased 7,213 ETH for $13.87 million, paying an average of $1,923 per coin. Tuesday's sale represents roughly a third of that position.
A pattern of buying high, selling low
This isn't the first time Hayes has taken a loss on Ether. Lookonchain data shows a prior trade where he bought above $1,900 and later sold below $1,700. That earlier sale also came at a loss, and ETH's price rebounded shortly after he exited. The repeat of a similar pattern — buying near the top and selling during a dip — has drawn attention from onlookers tracking his wallet activity.
What happens next
Ether was trading around $1,820 at the time of the deposit, not far from Hayes' sale price. The previous instance of a loss sale was followed by a price recovery, but whether that repeats remains an open question. For now, Hayes holds roughly 4,849 ETH from his earlier purchase, and the market is watching to see if he moves the rest.
