Arthur Hayes Deposits Another $2M ETH On Binance As Part Of Rotation Into “High-Quality” Tokens
BitMEX co-founder Arthur Hayes has deposited another $2 million worth of Ethereum (ETH) on crypto exchange Binance as part of his rotation into “high quality” decentralized finance (DeFi) tokens.
That’s according to the on-chain analytics platform Lookonchain, who flagged the transaction in an X post published earlier today. In the post, the platform said that Hayes has sent 682 ETH tokens to the platform with the transaction.
Over the past week, Hayes has sold a total of 1,871 ETH valued at around $5.53 million, Lookonchain added.
Hayes Says He Will Begin Rotating Out Of ETH
The recent transaction by Hayes is part of his rotation out of the altcoin leader. Earlier this month, on Dec. 20, the BitMEX co-founder said that he will be shifting away from ETH and allocate capital towards “high-qaulity” DeFi names.
His decision was made while the largest altcoin by market cap trades flat. Data from CoinMarketCap shows that ETH’s price has plummeted more than 14% in the past year. On the shorter-term time frames, the crypto has gained over 3% in the past month, but has slipped over 1% in the past 24 hours. As a result, ETH trades at $2,925.94 as of 4:40 a.m. EST.
ETH price (Source: CoinMarketCap)
While Hayes did not say which projects he would be investing in, on-chain data from Arkham Intelligence shared in Lookonchain’s X post shows that he has bought ENA, PENDLE, and ETHFI.
Lookonchain said that Hayes has bought 1.22 million ENA worth $257.5K, 137,117 PENDLE worth $259K, and 132,730 ETHFI worth $93K.
BitMine And Other Whales Double Down On ETH
While Hayes may be rotating out of ETH, other whales in the crypto market have ramped up their accumulation of the altcoin.
Among them is BitMine, which is the largest corporate ETH holder globally. Earlier today, Lookonchain noted that the company purchased another 67,886 ETH worth $201 million in the past 24 hours.
A snapshot of on-chain data that was included in the post showed BitMine purchased the ETH from BitGo, FalconX, and Kraken.
That buy follows BitMine’s announcement at the beginning of the week that it had bought 3,967,210 ETH for more than $11.68 million last week. Following the confirmation of this purchase, BitMine now holds around 4.07 million ETH on its balance sheet.
Meanwhile, other whales have doubled down on ETH as well. Lookonchain said that a whale, who had previously bought 528,272 ETH for $1.57 billion, has executed another large buy and bought 40,975 tokens valued at $121 million in the past 24 hours. Since Nov. 4, this whale has purchased a total of 569,247 ETH for $1.69 billion.
Institutional asset manager Fasanara Capital joined the trend as well, and bought 6,569 ETH for $19.72 million in the past couple of days, Lookonchain noted. The firm then borrowed 13 million USDC to buy even more tokens.
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