TL;DR
- Hayes shifted ETH to exchanges in December via steady on-chain transfers, rotating risk while building a sizable stablecoin buffer.
- Lookonchain flagged 682 ETH to Binance ($2M) plus 508.6 ETH to Galaxy; about 1,871 ETH sold ($5.53M) and rotated into ENA, PENDLE, ETHFI.
- Arkham shows ETH falling from 16,000 (2022) to ~3,160, while USDC surged from ~$1M mid-Nov to ~$48M, over 60% of a $73.9M portfolio amid fear, with redeployment optionality.
Arthur Hayes, the BitMEX co-founder, appears to be reducing his Ethereum exposure through December, fueling speculation that a high-profile macro voice is rotating risk rather than doubling down. On-chain data shows ETH leaving his wallet and heading to centralized exchanges, a pattern typically associated with an intent to sell. Hayes has not confirmed each transfer, but the cadence tracks a portfolio rebalancing playbook he has described publicly in recent months. The signal is structured rotation, not a reflexive exit, as stablecoins take a larger role, with execution suggesting patience, not urgency.
Arthur Hayes(@CryptoHayes) has just deposited another 682 $ETH($2M) into #Binance to sell and rotate into high-quality DeFi tokens.
In the past week, he has sold a total of 1,871 $ETH($5.53M), and bought 1.22M $ENA($257.5K), 137,117 $PENDLE($259K), and 132,730 $ETHFI($93K).… pic.twitter.com/2mddOY3H1t
— Lookonchain (@lookonchain) December 24, 2025
Exchange deposits, DeFi redeployments, and the numbers
Lookonchain reported that Hayes deposited another 682 ETH to Binance in the past 24 hours, valued at roughly $2 million, and the proceeds later moved into DeFi tokens. Earlier this month he sent 508.6 ETH, about $1.5 million at the time, to Galaxy Digital. Taken together, these transfers suggest he sold around 1,871 ETH over the past week for an estimated $5.53 million. On-chain records show purchases of Ethena (ENA), Pendle (PENDLE), and Ether.fi (ETHFI), reinforcing a sell-and-redeploy rhythm across venues. Rather than go to cash, the flow shows a selective pivot into higher-risk DeFi.
The redeployment is notable because the target basket is deeply underwater. Market data cited alongside the activity shows the DeFi tokens Hayes accumulated are down between 80% and 90% year to date in 2025, implying a contrarian posture rather than trend following. Hayes has framed this explicitly on X, saying he is rotating out of ETH and into what he calls “high-quality DeFi names,” arguing they can outperform once global fiat liquidity conditions begin to improve. In this setup, he is underwriting a rebound thesis with discounted DeFi exposure. He avoids calling the bottom outright.
Arkham portfolio data adds context to the shift in positioning. Hayes’ ETH holdings have declined from roughly 16,000 ETH in 2022 to about 6,500 ETH by November this year, and then to around 3,160 ETH, implying sales of more than 3,440 ETH over a short period. At the same time, a portfolio valued near $73.9 million now holds $48 million in USDC, over 60%, up from roughly $1 million in mid-November as sentiment ranged from “fear” to “extreme fear.” Stablecoins look like dry powder with optionality, even as his long-term ETH optimism remains on record.
