Ethereum faced renewed pressure after a major transaction involving BitMEX co-founder Arthur Hayes entered the market. Hayes sold 6,000 ETH at a loss, while Ethereum continued trading near the $1,700 level. At the same time, several large holders increased their exposure to the asset, creating mixed signals across the market.
Arthur Hayes Exits Ethereum Position at a Loss
Arthur Hayes completed a large Ethereum sale after accumulating the asset over recent days. Blockchain data showed that he purchased nearly 5,900 ETH at an average price of $1,793. However, he later sold 6,000 ETH at around $1,690 per coin.
The transaction carried an estimated value of $10.14 million. As a result, Hayes recorded a loss of roughly $606,000 on the position. The move attracted attention because he typically executes trades that target profitable exits.
Market participants linked the sale to the ongoing weakness in Ethereum’s price action. Selling activity increased across the broader crypto sector, and several major digital assets moved lower. Consequently, Ethereum struggled to maintain support near the $1,700 level.
Whales Continue Accumulating Ethereum
Despite Hayes’ sale, other large holders continued purchasing Ethereum. Recent on-chain data showed strong accumulation from several whale wallets. These purchases occurred while Ethereum traded near recent lows.
K3 Capital acquired 10,000 ETH from Binance in a transaction worth approximately $16.92 million. The purchase represented one of the largest single acquisitions recorded during the latest trading session. Furthermore, the transaction suggested continued institutional-level interest in Ethereum.
Another wallet linked to Chun Wang acquired 7,650 ETH valued at about $12.93 million. The purchase added to a series of recent accumulation activities by large holders. Therefore, whale activity continued to provide a contrasting signal against recent selling pressure.
Ethereum Faces Key Price Levels Amid Market Weakness
Ethereum remained under pressure throughout the latest trading session. The asset touched a low near $1,670 before recovering slightly toward $1,700. However, sellers maintained control of short-term market direction.
Analysts identified several important price levels for Ethereum. Some market observers highlighted the possibility of a move toward $1,900 if buying momentum improves. Meanwhile, weaker conditions could expose the asset to additional downside near the $1,500 support zone.
Recent actions from Hayes added another layer of discussion around market sentiment. Earlier this month, he also reduced exposure to Worldcoin before the highly anticipated SpaceX IPO. In addition, he exited positions in Hyperliquid’s HYPE token and NEAR Protocol assets.
Ethereum remains the second-largest cryptocurrency by market capitalisation. The network supports decentralised finance applications, tokenised assets, and smart contract activity across the digital asset sector. Because of its role within the industry, major transactions involving prominent traders often attract significant attention.
Current market conditions continue to reflect competing forces. On one side, high-profile sales have increased discussions about short-term weakness. On the other side, sustained whale accumulation signals that some large holders still view current price levels as attractive entry points.
The coming sessions may provide greater clarity regarding Ethereum’s next direction. Until then, market participants will likely focus on support levels, whale activity, and broader crypto market performance. These factors could influence whether Ethereum stabilises above current levels or extends its recent decline.
