A wallet attributed to BitMEX co-founder and Maelstrom CIO Arthur Hayes has sold 6,000 ETH after building a near-$10.6 million Ethereum position over four days. The sale was flagged by Lookon
A wallet attributed to BitMEX co-founder and Maelstrom CIO Arthur Hayes has sold 6,000 ETH after building a near-$10.6 million Ethereum position over four days.
The sale was flagged by Lookonchain, with follow-up market tracking placing the exit at roughly $10.14 million, or about $1,690 per ETH. The wallet had accumulated about 5,900 ETH at an average entry near $1,793, leaving the round trip with a reported loss of about $606,000.
Hayes had not publicly confirmed the wallet activity at the time of writing, so the attribution remains based on onchain trackers. The address has been monitored closely because earlier flows connected it to institutional counterparties and a FalconX deposit route previously associated with Hayes-related activity.
The quick exit followed several days of buying through institutional-style flows. The wallet received ETH from counterparties including Flowdesk and FalconX-linked infrastructure as ETH traded between roughly $1,700 and $1,850.
That buying followed another Hayes-linked ETH move, when an address attributed to him added $2.63 million in ETH after an altcoin exit. The latest sale now reverses part of that narrative, turning the trade from accumulation into a fast cut as Ethereum failed to hold its recent range.
ETH traded near $1,700 at the time of writing, with the token still under pressure after slipping from its latest highs. The sale price near $1,690 placed the wallet close to the lower end of the recent range rather than near the average entry price of the position.
The trade drew attention because Hayes is one of crypto’s most watched macro voices, and traders often treat his wallet activity as a sentiment marker even when the transaction itself may reflect hedging, treasury movement or repositioning.
The “buy high, sell low” reaction spread quickly across social feeds because the loss was visible onchain and compressed into only a few days. The mechanics were simple: buy around $1,793, sell around $1,690, absorb the difference, and move on while ETH remained heavy.
Ethereum positioning has already been fragile. Recent derivatives data showed Ethereum open interest hitting a record in ETH terms on Binance, making the market more sensitive to sharp spot moves, liquidations and whale activity. A visible sale from a closely tracked wallet adds another layer to that pressure, even if it does not prove a broader directional call from Hayes himself.
The reported $606,000 loss is small relative to Hayes’ public profile, but the timing made it a market story. ETH was already testing lower levels, and the wallet’s exit gave traders a clean onchain example of how quickly large spot positions can be cut when momentum fails.
The transaction also shows why attribution matters. A wallet can be associated with a public figure through historical flows, counterparties and tracker labels, but that does not equal direct confirmation from the person named. In this case, the strongest verified facts are the wallet’s ETH accumulation, the 6,000 ETH sale, the roughly $1,690 exit price and the reported $606,000 realized loss.
At the time of writing, ETH remained near $1,700, keeping the Hayes-attributed sale inside the same weak market structure that turned a four-day accumulation into a fast realized loss.
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