Arthur Hayes Transfers $1.5M in ETH to Galaxy Digital, Hints at Sale

Arthur Hayes, co-founder of BitMEX, has moved 508.647 ETH worth roughly $1.5 million to Galaxy Digital. According to on-chain data tracked by Lookonchain and Arkham. The transfer immediately caught attention, as Galaxy Digital is commonly used as a liquidity venue for large OTC sales, not casual storage. The move comes amid a series of wallet activities that suggest active portfolio management, not a one-off transfer.

On-Chain Transfer Shows ETH Moved Directly to Galaxy Digital

Arkham data shows the ETH transfer originated from a wallet labeled Arthur Hayes (0x6cd). That landed at a Galaxy Digital-linked address roughly 15 minutes before detection. The transaction carried no intermediary hops, which often signals intent rather than testing or internal shuffling. Galaxy Digital regularly facilitates OTC execution for high-net-worth clients. Because of that, transfers to Galaxy wallets often precede spot sales or structured off-market trades. Especially during periods of elevated volatility. At the time of transfer, ETH traded near $2,950, placing the transaction value close to $1.5 million.

Hayes Still Holds Over $77M Across ETH, Stables, and DeFi Assets

Despite the Galaxy transfer, Arthur Hayes remains heavily exposed to crypto. Arkham estimates his total on-chain portfolio at $77.6 million, spread across multiple assets and yield positions. The largest holding is 47.77 million USDC, valued at $47.77 million, indicating substantial dry powder. He also holds 4,522 ETH worth $13.34 million. Along with staked ETH positions including EETH and wEETH, together valued at over $12.9 million. Beyond ETH, Hayes maintains exposure to higher-beta assets. These include PENDLE, ENA, ETHFI and WILD, suggesting he remains positioned for longer-term DeFi narratives rather than fully de-risking.

Recent Wallet Activity Shows Capital Rotation, Not Panic Selling

The ETH transfer did not happen in isolation. In the last 24 hours, Arkham data shows $2.17 million in USDC moving from FalconX into Hayes’ wallet. He also sent $250,000 USDC to Binance and another $250,000 USDC to a separate address earlier the same day. In addition, smaller transfers involving ETHFI moved through Anchorage Digital custody wallets. These flows point to capital rotation and liquidity management, not a wholesale exit from crypto markets. Importantly, there is no evidence of mass ETH offloading across all Hayes-linked wallets. His ETH exposure remains significant even after the Galaxy transfer.

What the Market Is Watching Next

While the Galaxy transfer “perhaps to sell” narrative is reasonable, on-chain data alone does not confirm execution. OTC desks often receive assets well before actual trades occur. Some transfers also support collateral, hedging, or structured products. Still, when a high-profile trader moves ETH to Galaxy during active market conditions, traders pay attention. The key signal now is whether follow-up ETH transfers occur or whether spot selling pressure appears in related venues. Currently, the data suggests measured positioning, not capitulation. Hayes still holds size; he is just moving pieces around the board.