Arthur Hayes sells 2,364 ETH at a $241,000 loss, converts to USDC

Arthur Hayes, co‑founder of the cryptocurrency exchange BitMEX, moved 2,364 ether (ETH) to the institutional market makers Cumberland and Galaxy Digital. In exchange he received roughly 4.3 million USDC, indicating a direct conversion to a stablecoin. The sale, executed within two hours on 1 August 2026, was at an average price of about $1,821 per ETH, resulting in an estimated loss of $241,000 (around 5.3% of the position). Hayes had previously purchased 7,213 ETH at an average of $1,916 per coin. In addition to the ETH trade, on‑chain data show he sold altcoins SYN (about $658,000) and ENA (about $248,000). The transactions occurred as Ethereum’s price hovered near $1,900 after a recent dip of roughly 3%. Hayes has not publicly confirmed the trades, and the market has noted the pattern of buying high and selling low.