Arthur Hayes recently sold 6,000 Ethereum at a price lower than his previous purchase price, estimating a loss of approximately $606,000. Just days earlier, he had accumulated nearly $1.06 billion worth of ETH. Meanwhile, on-chain data shows that other large investors are still adding to their positions around $1,700.
Hayes buys first, then sells.
Arthur Hayes is the co-founder of BitMEX. According to the on-chain tracking platform Lookonchain, he bought approximately 5,900 ETH over the past few days at an average price of about $1,793. He then sold 6,000 ETH at an average price of about $1,690, for a total transaction value of approximately $10.14 million.
This transaction means he locked in a loss of approximately $606,000 in this round of operations. Previously, Hayes-related wallets had also received 3,000 ETH from market maker Flowdesk, worth approximately $5.42 million.
Large buyers are still taking delivery at low prices.
Despite Hayes' reduction in holdings, other wallets tracked by Lookonchain continued to buy. Investment firm K3 Capital withdrew 10,000 ETH from Binance, worth approximately $16.9 million. Another wallet associated with entrepreneur Chun Wang also purchased 7,650 ETH, worth close to $12.9 million.
These buy orders appeared as ETH tested a key support zone. On the daily chart, the $1,703 level is close to the 78.6% Fibonacci retracement level, and the market typically watches this level to see if it can hold its short-term trend.
There is ample liquidity around $1,800.
CoinGlass's liquidation heatmap shows that significant liquidity is concentrated between $1,780 and $1,820, with the highest concentration around $1,800. Markets tend to fluctuate around these levels, and leveraged positions are more likely to be liquidated passively at these points.
The article mentions that after rebounding from around $1,507, ETH briefly paused its upward movement near $1,856. Currently, it remains below the previously formed downtrend line, and whether short-term buying will continue depends on whether the $1,700 level can hold.
