Arthur Hayes sends 700 ETH to B2C2 amid crypto pullback

BitMEX co-founder Arthur Hayes transferred 700 ETH, worth about $2.23 million, to crypto market maker B2C2. Blockchain data indicates he has offloaded about 1,480 ETH (roughly $4.7 million) over the past two days by routing trades through liquidity providers and centralized exchanges. The latest ETH transfer aligns with a broader portfolio reduction he has pursued in recent weeks.

Previously, he sold 260 ETH (about $820,000), 2.4 million ENA (about $651,000), 640,000 LDO (about $480,000), 1,630 AAVE (about $289,000) and 28,103 UNI (about $290,000). He later added 520 ETH (about $1.66 million), 2.62 million ENA (about $733,000) and 132,730 ETHFI (about $124,000) to the sales.

Earlier activity includes a deposit of 15.743 million ETHFI (about $1.88 million at the time) to Binance. On-chain records indicate the selling phase began in early August, when Hayes started trimming larger positions in Ether and select altcoins.

The transactions come during a broad pullback in digital assets. Spot Bitcoin and Ether exchange-traded funds in the United States recorded net outflows late last week, and most major tokens fell over the past seven days.

Outlining his macro view, Hayes wrote, “No major econ is creating enough credit fast enough to boost nominal GDP.” He also projected that Bitcoin and Ether would test $100,000 and $3,000, respectively, a call that ultimately proved accurate, although Bitcoin has since pulled back from its highs.

As GNcrypto covered previously, Hayes urged Zcash holders to withdraw coins from centralized exchanges and use self-custodial wallets with shielded addresses, noting many venues support only transparent transactions. He has described Zcash as his second-largest holding after Bitcoin. Zcash currently holds the 12th position among the top 100 largest cryptocurrencies, with a market cap of $11.2 billion.