BitMEX Co-Founder Arthur Hayes Transfers 508 ETH to Galaxy Digital

TLDR

• Arthur Hayes moved 508 ETH worth $1.5M to Galaxy Digital on December 19, 2025.
• Hayes still holds $77.6M in crypto assets, including ETH, USDC, and DeFi tokens.
• $2.17M in USDC entered Hayes’ wallet from FalconX shortly after the ETH transfer.
• No significant ETH sales detected as Hayes continues managing an extensive on-chain portfolio.

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Arthur Hayes, co-founder of BitMEX, transferred 508.647 ETH, valued at approximately $1.5 million, to a Galaxy Digital-linked address on December 19, 2025. The transaction appeared on-chain through data provided by Lookonchain and Arkham. Analysts flagged the transfer due to Galaxy Digital’s frequent role as an over-the-counter (OTC) liquidity provider for institutional clients.

The Ethereum moved directly from a wallet labeled as belonging to Hayes (0x6cd) without passing through any intermediary addresses. Direct transfers of this nature are typically interpreted as intentional rather than experimental. Galaxy Digital often executes OTC deals in volatile markets, and transactions to its wallets may indicate preparation for a private sale or other off-market activity. At the time of transfer, ETH traded close to $2,950, bringing the total transaction value to around $1.5 million.

Hayes Retains Over $77 Million in On-Chain Assets Despite Transfer.

Despite the movement of ETH, Hayes continues to hold a sizable crypto portfolio. According to Arkham Intelligence, his on-chain assets currently total $77.6 million. His holdings include $47.77 million in USDC, showing substantial liquidity reserves. He also maintains exposure to 4,522 ETH, worth about $13.34 million, and various staked ETH positions, including EETH and wEETH, with a combined value exceeding $12.9 million.

His wallet also holds a mix of high-volatility DeFi tokens such as PENDLE, ENA, ETHFI, and WILD. These assets suggest Hayes has not fully exited the market but continues to participate in sectors tied to decentralized finance. The transfer to Galaxy Digital is part of a broader asset allocation activity rather than a total portfolio reduction.

Capital Inflows and Transfers Indicate Rotation Strategy

Recent on-chain activity supports the view that Hayes is managing capital rather than exiting markets. Within 24 hours of the ETH transfer, Arkham tracked $2.17 million in USDC inflows from FalconX into his wallet. He also sent $250,000 USDC to Binance and moved a similar amount to another address. Smaller transfers of ETHFI also occurred through Anchorage Digital custody addresses.

These movements suggest Hayes is repositioning rather than offloading. There has been no large-scale ETH selling detected across his wallets. With ongoing exposure to ETH and DeFi tokens, the recent transactions point to rotation or rebalancing strategies instead of short-term liquidation.

Market participants will likely continue to monitor Hayes’ wallets. Transfers to Galaxy Digital often attract attention due to the firm’s role in facilitating large OTC trades. Whether further ETH movements follow could provide clearer insight into the intent behind the transaction.

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