Arthur Hayes, BitMEX’s co-founder and a prominent crypto macro commentator, transferred 508 ETH to a Galaxy Digital deposit address, according to Arkham on-chain data. The move follows Hayes’ recent, strongly bullish stance on Ethereum and its long-term institutional potential. Blockchain analytics indicate the transfer originated from a Hayes-linked wallet and was sent to Galaxy Digital.
Transfers to institutional trading desks do not automatically signal an immediate sale, but such activity is often associated with liquidity provisioning, portfolio rebalancing, or potential over-the-counter execution. The transaction has sparked speculation of an ETH sell-off in a market environment characterized by volatility and outflows from spot ETH ETFs. Ethereum is trading just below the $3,000 level after a December marked by shifting derivatives positioning and compressed implied volatility.
Hayes reportedly still controls more than 4,500 ETH, suggesting any sale would be tactical rather than a full exit from Ethereum. Earlier this year, Hayes argued that major financial institutions are increasingly recognizing that private blockchains are not viable for real security and usage. He contends that stablecoins are a key catalyst enabling Ethereum’s use by traditional finance, paving the way for banks to build Web3 infrastructure on a public blockchain, with Ethereum as the settlement and security layer.
Hayes acknowledged privacy concerns but suggested these would be addressed at the application or Layer-2 level, while Ethereum remains the anchor for security. He suggested ETH could reach $20,000 by the end of the current cycle, potentially by the next U.S. presidential election. For now, on-chain activity appears to reflect short-term positioning, with the core thesis intact: Ethereum stands to benefit if stablecoins and institutional on-chain finance continue to scale.
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