Arthur Hayes Sells $28.8 Million of Crypto in 24 Hours, Realizes $6.65 Million Profit

BitMEX co-founder Arthur Hayes sold about $28.8 million worth of cryptocurrencies over the past 24 hours.Lookonchain said on Oct. 26 that Hayes disposed of tokens worth a total of $28.8 million during that period, realizing about $6.65 million in profit.About two hours earlier, Hayes also sold an additional 14 million Ethena (ENA) tokens. The sale was estimated to be worth about $2.73 million.Most of the profit from the latest sales came from Ethereum and Ethena, the analysis showed. By contrast, trades in Uniswap (UNI), Ether.fi (ETHFI), Aerodrome Finance , Pendle (PENDLE) and ZAMA generated little profit.Earlier, on-chain analyst EmberCN said Hayes had transferred tokens to multiple exchanges and then withdrew a total of 49.25 million USDC, suggesting he had liquidated most of his altcoin holdings.Hayes has previously said he was unwinding his positions. The market is focused on whether the large sale was meant to raise cash ahead of a potential price decline.