BitMEX co-founder Arthur Hayes executed a series of significant trades, offloading a large portion of Ethereum (ETH) and his entire Synapse (SYN) position while accumulating Ethena (ENA) tokens, according to on-chain data from Lookonchain and other analytics platforms.
Ethereum sale at a loss: On-chain data reveals that over the past two weeks, Hayes accumulated 3,298 ETH through over-the-counter transactions at an average price of $1,916. However, an address linked to him transferred 2,364 ETH to wallets associated with Cumberland and Galaxy Digital. Shortly after, 4.30 million USDC was sent back to Hayes's wallet, indicating the ETH was likely sold. Based on the average purchase price and the transfer size, this transaction is estimated to have resulted in a loss of approximately $220,000.
SYN to ENA rotation: In addition to the ETH move, Hayes sold 6.16 million SYN tokens worth around $658,000 and purchased 3.05 million ENA tokens valued at approximately $248,000. SYN is the native token of cross-chain bridge Synapse Protocol, while ENA is the governance token of Ethena Labs, which offers a yield-generating synthetic dollar product. The rotation suggests a shift in DeFi positioning, potentially driven by Ethena’s growing popularity and Synapse’s past security challenges.
The trades come amid a broader market downturn and follow the recent announcement that BitMEX, the exchange Hayes co-founded, will permanently close down. While the dollar amounts are modest relative to Hayes’s overall portfolio, his moves are often closely watched by retail investors for sentiment signals.
For market participants, the activities highlight how whale behavior can reflect evolving narratives in the DeFi sector. However, experts caution against mimicking such trades without independent research, given the volatility and complexity of crypto markets.
