Did Arthur Hayes sell $1.5 million worth of Ethereum?

Arthur Hayes transferred 508,647 Ethereum, worth about $1.5 million, to Galaxy Digital, sparking fresh speculation that the cryptocurrency veteran may reduce exposure to the business.

The move is surprising because Hayes recently provided one of his strongest positive views on Ethereum.

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Ethereum sell speculation Arthur Hayes

Data on the chain show that the transfer came from a wallet linked to Hayes and arrived at a deposit address at Galaxy Digital.

Transfers to institutional offices do not always mean an immediate sale. But such movements are often associated with the provision of liquidity or off-prescription execution.

This deal comes on time Ethereum is trading below $3,000 level Psychologically importantafter a volatile December marked by outflows from ETFs and repositioning of derivatives.

Despite the move, Hayes still dominates More than 4,500 ETH.

Therefore, each sale represents portfolio management and not a complete exit.

The timing is remarkable. A few days ago, Hayes made a detailed case for the future of Ethereum institutionsArguing that the main financial players have finally accepted the limits of the private blockchain.

“You can’t have a private blockchain. You need a public blockchain for security and real usability.”

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Hayes wrote Stablecoins as a catalyst that makes Ethereum legible For traditional financing. He predicted that banks will increasingly build their Web3 infrastructure on Ethereum rather than on dedicated ledgers.

“You’ve seen big banks start using cryptocurrencies and Web3 using a public blockchain. I think the public blockchain will be Ethereum.”

He admitted that Privacy remains a point of contention makes the adoption of the enterprise, but argued that the problem will be addressed at the level of the application or layer 2, as Ethereum continues to stabilize the security.

“They can build an L2 language that has some sort of privacy features … but the substrate, the security layer, is still Ethereum.”

However, market conditions remain mixed. Ethereum had difficulty regaining a sustained momentum above $3,000 with a record Spot ETH Funds The outflows were notable in mid-December, while the implied volatility in the derivatives markets decreased. This reflects caution rather than panic.

At the protocol level, activity continues to go towards pools, which keeps transaction costs low, but limits the fees from taking over the central layer of Ethereum.

Hayes also took a practical tone in the valuation forecast, offering a long-term goal rather than a short-term forecast.

“If ETH hits $20,000, that means about 50 Ethereum to make a million… at the end of the cycle, by the next presidential election.”

At the moment, the activity of Hayes on the chain indicates Tactical positioningAnd not the opposite of belief. His thesis still stands: Ethereum wins if stablecoins expand institutional finance on the chain.

However, the market may still be waiting for this story to fully materialize.