During the ongoing market downturn, it was discovered that BitMEX, a well-known cryptocurrency trading company, and its co-founder Arthur Hayes transferred a large amount of Ethereum assets to an unknown destination.

According to the data recently displayed by Arkham Intelligence, Hayes has transferred Ethereum worth up to $19.35 million to an unmarked blockchain address.

Arthur Hayes is selling?

Although the data shows that this is not the first time Hayes has transferred a large amount of Ethereum from their own wallet, this transaction has still attracted the attention of market participants.

It is worth noting that the destination of the Ethereum transfer is unknown, which has also sparked curiosity about the purpose of this transaction, as there is currently no clear evidence indicating that Hayes has sold ETH.

It should be noted that transferring encrypted assets to an unmarked address does not necessarily imply that a sale has taken place.

Since no additional information about this destination address has been provided, and it is also unclear whether it is accepted by any cryptocurrency trading platform, it is still impossible to determine at this time whether this transfer of $19.35 million is a potential attempt to sell or merely a routine wallet organization.

Hayes currently holds $27 million in ETH on the blockchain.

Further data shows that Hayes has been continuously reallocationing his Ethereum assets. Over the past two years, he has transferred a total of $298.1 million between his own wallets.

At the same time, data shows that during the same period, Hayes also transferred approximately $68.5 million of ETH to unmarked addresses. The data indicates that he still holds around $27.1 million in Ethereum on the blockchain.