Former BitMEX CEO Continues Altcoin Sell-Off
Data from Lookonchain indicated that Arthur Hayes, the former CEO and co-founder of BitMEX, had gone on another selling spree by dumping several altcoins. The first batch reported by the analytics company indicated that he disposed of 520 ETH, 2.62 million ENA, and 132,730 ETHFI in just a few hours.
Arthur Hayes(@CryptoHayes) appears to have sold 520 $ETH ($1.66M), 2.62M $ENA ($733K), and 132,730 $ETHFI ($124K) 4 hours ago. https://t.co/loeYKUb9rN pic.twitter.com/NDEJlxGiWn
— Lookonchain (@lookonchain) November 16, 2025
The team later updated that the sales continued. This time, he doubled down on ETH and ENA by offloading $820,000 worth of the former and $651,000 worth of the latter. He also sold $480,000 in LDO, $289,000 in AAVE, and $209,000 in UNI.
Market Context and ZEC Exception
His latest selling moves came after the most recent crypto market crash. Bitcoin plunged to a six-month low of $94,000, while ETH dipped to $3,100. Interestingly, there’s one evident exception from the alts, which Hayes has been openly supporting for the past several weeks. Amid the rest of the altcoin calamity, ZEC is up by 26% weekly and more than 220% monthly. Hayes praised the privacy coin’s move and said it’s better than XRP on X.
Previous Holdings and Market Predictions
Recall that the Maelstrom exec sold off a significant portion of his alt holdings back in August as well. At the time, he warned that the crypto market is due for another pullback. However, that’s not what took place, as the market started to recover and he had to reaccumulate ETH at higher prices. Afterward, he "pinky" swore that he would never take a profit again.