Arthur Hayes has transferred 700 ETH to crypto liquidity provider and market maker B2C2 as part of his ongoing altcoin liquidation actions. Despite the ongoing crypto sell-off, Hayes has doubled down on his support for Zcash (ZEC).
Former CEO and co-founder of BitMEX crypto exchange Arthur Hayes has sent 700 ETH, worth approximately $2.23 million, to B2C2, a cryptocurrency liquidity provider and market maker, for an alleged liquidation. Lookonchain reported that the former exec has sold 1480 ETH worth $4.7 million in the last two days.
Hayes continues his altcoin sell-off spree
The ETH transfer is part of a series of transactions initiated by Hayes to liquidate altcoins. The BitMEX co-founder has sold nearly $5 million in crypto assets within 24 hours before the recent ETH transaction flagged by Nansen. On-chain data shows that Hayes liquidated his holdings through exchanges and over-the-counter transactions on platforms such as Wintermute and FalconX.
On November 16th, Lookonchain reported that Hayes sold more altcoins, including 260 ETH worth $820k, 2.4 million ENA worth $651k, 640k LDO worth $480k, 1630 AAVE worth $289k, and 28,670 UNI worth $290k.
He also sold an additional 520 ETH worth $1.66 million, 2.62 million ENA worth $733k, and 132,730 ETHFI worth $124k on the same day. On September 19th, he also deposited 1.22 million ETHFI, worth approximately $1.88 million, to Binance for sale.
Arthur Hayes has consistently expressed his faith in the privacy-focused cryptocurrency Zcash (ZEC) amid the ongoing pullback. On November 7th, he confirmed that ZEC is his second-largest holding, after Bitcoin, following the rapid surge in the value of the privacy coin.
Hayes believes the cryptocurrency has more upside potential than XRP. Zcash currently holds the twelfth position among CoinMarketCap’s top 100 largest cryptocurrencies, with a market capitalization of $11.3 billion and a retail price of $693.87. ZEC is up 70% for the month, according to spot data from Binance.
Hayes began his liquidation at the beginning of August. On August 2nd, Lookonchain reported that the crypto mogul had liquidated 2,373 $ETH worth $8.32 million, 7.76M ENA worth $4.62 million, and 38.86B $PEPE worth $414.7k in hours. Hayes responded to the news, saying, “No major econ is creating enough credit fast enough to boost nominal GDP.”
He predicted Bitcoin and Ethereum would test $100k and $3k, respectively, a prediction that has since come true. Data from CoinMarketCap shows the crypto asset is up almost 2% in the last seven days. These gains are particularly notable considering the significant performance of crypto assets last week.
Crypto market melts as large players cut exposure
The liquidations occur amid the ongoing crypto meltdown, which has significantly slashed crypto valuations. Yesterday, Bitcoin dropped to $93,000, a level not seen since April. The digital asset has slightly recovered today and is trading at $95,213 at the time of this publication. On the other hand, Ethereum hit a low of $3,000 on Sunday, which was last seen in July. The asset has also registered a slight recovery since the start of the day, with a current trading price of $3,198.
Crypto data aggregator CoinMarketCap shows that Bitcoin has declined by 10.34% over the last seven days, while Ethereum has dipped by 11.48%. The data also shows that, besides stablecoins, all the top 10 most significant crypto assets by market cap are down over the last seven days. The biggest losers are Cardano and Solana, which have lost 15.74% and 15.44% respectively.
Institutional investors also showed signs they are treading carefully in the crypto ecosystem. Spot Bitcoin ETFs saw outflows worth $492.11 million on Friday, according to ETF tracking platform SoSoValue. ETH ETFs also witnessed $177.9 million in negative flows on the same day.
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