Arthur Hayes’ crypto portfolio fell more than 30% in November 2025, shrinking to about $42 million as token sales hit major holdings. The BitMEX co‑founder liquidated roughly $5 million worth of tokens in a single day, including ETH, ENA, ETHFI, LDO, AAVE, and UNI.
According to Arkham Intelligence, Hayes’ portfolio declined from about $63 million to roughly $42.2 million. On‑chain analytics platform Lookonchain tracked a flurry of sales tied to him.
Yesterday, Hayes sold 520 ETH for $1.66 million, 2.62 million ENA tokens for $733,000, and 132,730 ETHFI tokens for $124,000.
Shortly after, he offloaded another 260 ETH for around $820,000, 2.4 million ENA for $651,000, about 640,000 LDO for $480,000, 1,630 AAVE for $289,000, and 28,670 UNI for $209,000.
The total tally approached $5 million in a single day, signaling a notable reduction in altcoin exposure.
The portfolio remains concentrated in Ethereum‑linked assets, including 5,731 ETH valued at $18.03 million, his largest holding.
He also holds 3,119 EETH worth $9.8 million, 1,167 WEETH valued at $4 million, and $7.9 million in USDC.
Hayes continues to retain positions across a range of altcoins, such as PENDLE, BIO, LDO, WILD, SUSDE, BOBA, WBTC, and SENA.
Despite the selling activity, Hayes’ rhetoric remains bullish on many assets, while the actions have fueled scrutiny about the health of the altcoin market.
Orbion’s analysis suggests that Hayes’ early exit may indicate the belief that the current cycle is nearing its end, noting that a rotation into major altcoins has failed to materialize and may be unlikely going forward.
The analyst described this as a potential shift in narrative, with some observers highlighting that even a high‑profile bull like Hayes has capitulated on certain tier‑1 altcoins.
A broader market perspective remains cautious.
Some commentators point to the lack of post‑ETF acceleration, waning meme coin activity, thinning volumes, and weaker performance across AI tokens and Layer‑2s as classic late‑cycle exhaustion signals.
As of November, the crypto market’s direction remains volatile and uncertain.
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