The value of BitMEX co-founder Arthur Hayes’ crypto portfolio fell by more than 30% in November 2025. This sharp decline occurred as Hayes aggressively sold off its major holdings across multiple tokens.
The move contradicts his bullish public view of the market and raises new questions about whether his trades signal deeper concerns about the state of the current economic cycle.
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Arthur Hayes’ crypto portfolio drops more than 30%
Hayes’ portfolio has shrunk from $63 million to about $42.2 million, according to Arkham Intelligence. On-chain analytics platform Lookonchain tracked a recent spike in sales related to him.
Yesterday, Hayes sold 520 ETH for $1.66 million, 2.62 million ENA tokens for $733,000, and 132,730 ETHFI tokens for $124,000.
Shortly after, he offloaded another 260 ETH worth about $820,000, 2.4 million ENA worth $651,000, about 640,000 LDO worth $480,000, and 1,630 AAVE worth. $289,000 and finally 28,670 UNI is worth $209,000. In just one day, total sales approached $5 million, indicating a noticeable reduction in altcoin exposure.
As of the latest data, his current portfolio is concentrated in Ethereum-related assets, including his largest single holding of 5,731 ETH worth $18.03 million.
The executive also holds 3,119 EETH worth $9.8 million, 1,167 WEETH worth $4 million, and USDC worth $7.9 million. He continues to hold positions in various altcoins such as PENDLE, BIO, LDO, WILD, SUSDE, BOBA, WBTC, and SENA.
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Hayes move hits altcoin sentiment
Still, the timing of these sales prompted scrutiny in the cryptocurrency community. Hayes has issued bullish forecasts for a number of assets, but recent actions have Health of the altcoin market.
Obion said Hayes’ decision to exit early suggests he believes the current cycle may already be nearing its end. The analyst also noted that rotation to major altcoins has not materialized and is increasingly unlikely to materialize.
To him, this shows that the story is broken. He argued that sophisticated players exit before the market as a whole notices a change in trends.
“Arthur Hayes is furious as he quits several Tier 1 altcoins. ETH, ENA, LDO, UNI, AAVE were all sold at a loss. These are not low-cap or dead coins. They are multi-billion dollar tokens. If even Hayes quits, ask yourself what that means,” the post reads.
Orbion also framed Bitcoin’s 665% rally from its January 2023 lows as a complete macro cycle, rather than an intermediate stage in the cycle. The lack of post-ETF acceleration, declining memecoin activity, declining volumes, and poor performance of AI tokens and L2 overall are, in his view, typical late-cycle depletion signals.
As of November, the virtual currency market continues to be unstable, and the future is uncertain. Whether Hayes’ approach proves to be correct depends on future developments in the cryptocurrency market.
