**BitMEX Co-Founder Arthur Hayes Transfers $2.5 Million in Ethereum and Ecosystem Tokens to Institutional Market Makers**
Arthur Hayes, co-founder of BitMEX, recently transferred $2.5 million worth of Ethereum (ETH) and related ecosystem tokens to institutional market makers, including Flowdesk, FalconX, and Wintermute. Blockchain analyst EmberCN tracked these significant movements and raised questions about whether Hayes is selling certain assets to bolster his position in Zcash (ZEC).
Hayes has been notably vocal about his ZEC holdings amid the recent privacy coin rally. On November 15, he posted on X (formerly Twitter), “This chart is just so strong I aped more. EC,” suggesting he increased his Zcash position following the token’s impressive 700% surge since October.
### Significant Transfers of ETH and Ecosystem Tokens
EmberCN reported multiple transfers from Hayes’ wallet to various institutional trading platforms. Specifically, Hayes moved:
– 520 ETH valued at approximately $1.66 million
– 2.624 million ENA (ENA) tokens worth around $730,000
– 132,000 ETHFI tokens valued at $120,000
Additionally, Hayes tested a transfer of 10 LDO (Lido) tokens to FalconX shortly after these initial transactions. EmberCN commented that Hayes “should continue selling LDO soon.”
### Follow-Up Sales of Various Tokens
Subsequent reports revealed Hayes sold further assets including:
– 260 ETH (about $820,000)
– 2.40 million ENA tokens valued at $657,000
– 640,000 LDO tokens worth $480,000
– 1,630 AAVE tokens valued at $290,000
– 28,670 UNI tokens worth $211,000
The total value of these sales reached roughly $2.45 million. EmberCN speculated whether Hayes is converting these assets into Zcash, stating, “Is this selling coins to add to EC? He’s been crazily pumping ZEC during this period.”
### Maelstrom CIO Calls Zcash “Superior to XRP”
Arthur Hayes has made several bullish statements about Zcash in recent weeks. He declared “ZEC > XRP,” implying that Zcash could potentially surpass Ripple in market capitalization.
As CIO of the Maelstrom Fund, Hayes predicted that Zcash could reach between $10,000 and $20,000 per coin. He targeted a ZEC/BTC pair price of 0.2 BTC, which would translate to approximately $19,200 for ZEC.
Hayes revealed that Zcash has become Maelstrom’s second-largest liquid holding after Bitcoin. He described Zcash as “Bitcoin with full privacy” and suggested that ZEC could achieve 10% to 20% of Bitcoin’s value during the current market cycle.
### Urging ZEC Holders to Move Tokens Off Centralized Exchanges
In mid-November, Hayes encouraged ZEC holders to withdraw their tokens from centralized exchanges. He posted, “If you hold EC on a CEX, withdraw it to a self-custodial wallet and shield it,” emphasizing the importance of privacy and security for Zcash investors.
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Arthur Hayes’ recent token transfers and outspoken support for Zcash indicate a strong personal conviction in the coin’s future potential, highlighting a growing interest in privacy-focused cryptocurrencies within the institutional investor community.
https://crypto.news/arthur-hayes-moves-2-5m-is-he-buying-zec/