Arthur Hayes, co-founder of BitMEX, has unloaded a large batch of Ethereum and several altcoins as the market turned lower, according to on-chain data.
According to blockchain intelligence platform Arkham Intelligence, Hayes sold 780 ETH in three separate transactions on Sunday. In total, the value of these sales was about $2.48 million.
As of today, Hayes has moved another 700 ETH, worth approximately $2.22 million, to B2C2 Group. Meanwhile, the BitMex founder is also massively disposing of several major altcoin positions.
Specifically, according to Arkham, he sold 5.02 million ENA, 640,000 LDO, 1,630 AAVE, 28,670 UNI, and 132,730 ETHFI. Collectively, these trades exceeded $2.4 million in value.
However, Hayes has not commented publicly on these moves, and the reason for the selling remains unclear.
Dormant Ethereum ICO Wallet Springs Back to Life
Meanwhile, a separate alert from Lookonchain revealed rare activity from a long-dormant Ethereum ICO wallet. The address, tagged 0x9a67, executed its first transfer in over ten years by sending 200 ETH worth about $626,000.
On-chain records show that this participant purchased 1,000 ETH for $310 during the ICO. That initial allocation is now valued at around $3.13 million, representing a massive 10,097x return.
An Ethereum ICO wallet 0x9a67 just transferred 200 $ETH($626K) out after 10+ years of dormancy.
He invested only $310 in the ICO and received 1,000 $ETH — now worth $3.13M, a 10,097x return!https://t.co/rYssKpDPTK pic.twitter.com/6IhRIMn50m
— Lookonchain (@lookonchain) November 17, 2025
Price Pressure Mounts as ETH Extends Decline
Notably, the selling activity comes while Ethereum falls below the $3,200 mark. At press time, ETH hovered near $3,195, down 0.33% on the day and 11.56% for the week.
Both Bitcoin and Ethereum have cooled since setting new highs in 2025. ETH attained a peak value of $4,946 in August, whereas Bitcoin recorded $126,080 in October. Bitcoin has since fallen by 25%, while Ethereum has slipped more than 35%.
Tom Lee Sees Early Signs of an “ETH Supercycle”
Despite the downturn, Tom Lee, executive chair of BitMine, offered a bullish long-term perspective.
In an X (formerly Twitter) post, he said the current Ethereum setup resembles Bitcoin’s conditions in 2017, a period that preceded one of crypto’s strongest rallies.
Lee further noted that his firm first recommended Bitcoin when it traded near $1,000. He emphasized that BTC faced several 75% drawdowns, yet still climbed more than 100 times from that call.
Consequently, he believes Ethereum may now be entering a similar “supercycle.”
According to Lee, the market’s weakness reflects uncertainty, rather than fundamental decay.
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