Arthur Hayes, the co-founder of BitMEX, saw his cryptocurrency portfolio value fall by over 30% in November 2025, dropping from $63 million to $42.2 million. According to data from Arkham Intelligence, the decline coincided with a significant sell-off where Hayes offloaded nearly $5 million worth of tokens in a single day.

A Wave of Altcoin Sales

On-chain analytics platforms tracked a series of transactions from wallets associated with Hayes, revealing a broad reduction in his altcoin exposure. The sales included 780 Ether (ETH) for approximately $2.48 million, alongside large blocks of ENA and Lido (LDO) tokens valued at over $1.38 million and $480,000, respectively.

Hayes also divested from several key Decentralized Finance (DeFi) assets. He sold his positions in Aave (AAVE) for $289,000 and Uniswap (UNI) for $209,000. The sell-off was rounded out with the sale of 132,730 EtherFi (ETHFI) tokens for $124,000, bringing the total liquidation to just under $5 million.

Portfolio Composition and Strategy Shift

Despite the sales, Hayes’ portfolio remains heavily concentrated in Ethereum and related assets. His largest holding consists of 5,731 ETH, valued at $18.03 million. He also maintains significant positions in liquid restaking tokens, including 3,119 eETH worth $9.8 million and 1,167 weETH valued at $4 million. A substantial $7.9 million position in the USDC stablecoin suggests a move toward risk mitigation.

This reallocation indicates a strategic pivot away from a diverse range of altcoins toward a core holding of Ethereum-based assets and cash equivalents. Smaller positions in PENDLE, BIO, WILD, and other tokens remain in his portfolio.

Market Speculation and Analysis

The timing of the sales has fueled discussion among crypto analysts, particularly as the move appears to contrast with Hayes’ historically bullish public statements. Some observers noted that several major altcoins, including ETH, ENA, and LDO, were sold at a loss, suggesting the exit may have been a strategic decision rather than simple profit-taking.

Analysts speculate that Hayes’ actions could signal a belief that the current market cycle is nearing its end. However, separate data from Lookonchain showed he also deposited 700 ETH, worth $2.22 million, to the institutional market maker B2C2, indicating he remains an active participant in the market. This combination of selling pressure and continued trading activity keeps his strategy a focal point for the crypto community.