Wallets linked to Arthur Hayes sold 2,364 ETH on July 31 at $1,821, taking a loss of roughly $241,000. Two days later, the same wallet bought back 2,676 ETH at $1,869 — ending up with more ETH than it started with. That trade is part of a broader pattern that has cost the wallets attributed to the BitMEX co-founder about $2.47 million over two years and eight months, according to an analysis of three wallets that traded roughly $92 million in that span.
The July trade and quick buyback
The July 31 sale was a 5.3% loss on that position. The buyback on August 3 added about 312 more ETH than was sold, at a slightly higher price. The net effect: the wallet holds more ETH now, but the round trip cost money. This isn't an isolated incident.
A pattern of selling into fear, buying back higher
The wallets traded ETH 34 times in the analysis window. The record shows 15 wins and 25 losses across all tokens. A clear example from August 2025: Hayes sold 2,373 ETH at $3,507 on August 1, then bought 1,500 ETH back at $4,252 on August 10 — costing roughly $1.1 million on the rebought coins alone. The data shows a repeated pattern of selling into fear and buying back at higher prices.
Where the losses pile up
The biggest hit came from ETH itself, losing $2.04 million. SYN lost $1.41 million, LDO $1.26 million, ETHFI $474,000, PEPE $152,000, and PENDLE $124,000. Combined, those six tokens account for about $5.5 million in losses.
The one winner: ENA
The only profitable token in the portfolio was ENA, Ethena's governance token, which gained $3.23 million. That offset a chunk of the losses. Notably, Hayes is an adviser to Ethena and holds the token — the wallets made money on a token where he's an insider, while losing on the ones where he isn't.
The wallets currently hold about 10,800 ETH and 28.45 million ENA, per Arkham. Some of those holdings fall outside the analysis window, so the full picture is a bit larger.
