- Ethereum is facing selling pressure as two “strong hand” wallets have become active: high-profile trader Arthur Hayes and a 10-year-old ICO-era wallet.
- The Active Trader: Hayes has been actively rotating his portfolio, offloading 1,480 ETH ($4.7 million) over two days, plus millions in LDO, ENA, and UNI.
- The Dormant OG: A wallet that acquired 1,000 ETH in the 2014 ICO (a 10,097x return) made its first transaction in a decade, moving 200 ETH ($626,000).
Ethereum markets faced heightened scrutiny this week as wallet movements linked to Arthur Hayes signaled continued selling and a rapid rotation of holdings. Blockchain data from Lookonchain shows the former BitMEX CEO transferred another 700 ETH (approx. $2.22 million) to liquidity provider B2C2 Group, activity analysts interpret as preparation for a sale. This transfer followed multiple high-volume disposals and coincided with a period of intense price swings.
Lookonchain also reported that Hayes sold several other major assets in quick succession, including 260 ETH ($820,000), 2.4 million ENA ($651,000), 640,000 LDO ($480,000), 1,630 AAVE ($289,000), and 28,670 UNI ($209,000).
Related: Arthur Hayes Ranks Zcash as Second-Largest Holding After 920% Surge
Additional data indicated that roughly four hours before the 700 ETH transfer, Hayes had already sold 520 ETH ($1.66 million), 2.62 million ENA ($733,000), and 132,730 ETHFI ($124,000). Cumulatively, Lookonchain calculated that Hayes offloaded 1,480 ETH ($4.7 million) over two days. The platform noted that the last time Hayes exited ETH positions on August 1, he repurchased the asset nine days later at a higher price.
Hayes Teases Possible Interest in Zcash
Following the on-chain activity, Hayes posted a message on X stating:
“Maybe I bot some ZEC, maybe I didn’t. Best part is you will never know. Shield your ZEC and join me in heaven with our lord Satoshi.” The post offered no confirmation of any Zcash purchase but immediately drew attention due to the timing relative to his ETH sell-offs.
Long-Dormant ICO Wallet Breaks Silence After 10 Years
Separate blockchain alerts reported unusual movement from an early Ethereum address labeled 0x9a67. Lookonchain reported that the wallet conducted its first transaction in over a decade, sending 200 ETH, worth approximately $626,000. Records show the holder initially acquired 1,000 ETH for $310 during the Ethereum ICO, a position now valued near $3.13 million, a return of roughly 10,097x.
However, following this transaction, Ethereum recorded a decline of 1.22% over the past 24 hours, trading at around $3,194.25 after dropping from an intraday high of nearly $3,238. The asset fell below $3,070 during the strongest portion of the pullback before stabilizing.
Related: Arthur Hayes Turns Bullish on Ethereum, Sees $10K–$20K in 3-4 Years Under Trump Era
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Source: https://coinedition.com/eth-whales-sell-the-dip-as-hayes-10-year-old-ico-wallet-move-millions/