Arthur Hayes sold 2,364.38 ETH for about 4.3 million USDC on Friday, realizing an estimated $241,000 loss after purchasing the tokens at a higher average price in July.
The transaction attracted attention as Hayes has long ranked among Ethereum’s most visible supporters, giving the sale symbolic weight.
Tracking platform Lookonchain reported that Hayes sold the ETH at an average price near $1,821 per coin. The tokens moved to Cumberland and Galaxy Digital over two hours in exchange for USDC. His trade came as the broader cryptocurrency market fell about 2.1% to $2.25 trillion.
Bitcoin traded near $63,000 after declining 2.7%, while Ether dropped about 3.1% to $1,860. CryptoQuant placed ETH at $1,864.85, down 3.56% over 24 hours. Although Hayes’ sale represented a small share of Ethereum volume, it converted an unrealized decline into a loss during weak conditions.
Hayes Closes Part of July ETH Position
Lookonchain data shows Hayes accumulated 7,213 ETH between July 15 and July 28 for about $13.87 million. His average purchase price stood near $1,923 per ETH, leaving the position under pressure before Friday’s sale. Lookonchain described the move as another case in which Hayes had “bought high and sold low.”
The trade contrasts with his earlier confidence in Ethereum. In late 2025, Hayes said, “The coming Ether bull run is about to tear the market a new asshole… Maelstrom is doing all things Ethereum.” He also predicted that ETH would reach $10,000 by the end of that year.
However, Hayes later adopted a more defensive message. In his article Reality Test, he wrote, “But right now, it’s about protecting one’s crypto capital.” That statement places the sale within his established practice of adjusting exposure as macroeconomic conditions change.
Ethereum Staking Queue Stays Extended
Ethereum continues to show conflicting market signals. About 41.2 million ETH, equal to roughly 33.8% of circulating supply, is staked. Meanwhile, the validator activation queue has expanded to approximately 43 days, according to data cited by The Block.
Thomas Brunner, head of custody and staking at Sygnum Bank, said much of the queue reflects existing validators compounding rewards rather than a large influx of new investors. That distinction limits the strength of the staking queue as a direct measure of fresh demand.
Ether Forecast Falls With Tokenization Delays
Additionally, TD Cowen reduced its year-end Ether price forecast to $2,371 from about $3,650. The firm linked the revision to slower-than-expected progress on United States regulation for tokenized assets.
Against that background, Hayes’ transaction remains more symbolic than market-moving. Its size was insufficient to influence Ether’s price directly. Still, his reputation for making macro-driven portfolio changes has increased attention around the sale during a period of weak prices, cautious positioning, and slower tokenization expectations.
