BitMEX co-founder Arthur Hayes just moved about $2.5 million worth of Ethereum and other tokens to big market makers like Flowdesk, FalconX, and Wintermute — and it has people talking.
A blockchain analyst named EmberCN spotted the transfers and wondered if Hayes is selling these assets so he can buy more Zcash (ZEC).
Hayes has been very open about his love for ZEC lately. On November 15, he posted on X saying the ZEC chart looked “so strong” that he bought even more. And honestly, the hype is real — ZEC has jumped more than 700% since October.
What exactly did he move?
According to EmberCN, Hayes sent:
- 520 ETH (around $1.66M)
- 2.624M ENA tokens (about $730K)
- 132,000 ETHFI (about $120K)
He also tested a small transfer of 10 LDO to FalconX. EmberCN believes he may keep selling LDO soon.
Later reports show that Hayes actually sold much of what he moved:
- 260 ETH (~$820K)
- 2.40M ENA (~$657K)
- 640,000 LDO (~$480K)
- 1,630 AAVE (~$290K)
- 28,670 UNI (~$211K)
Total sold: roughly $2.45 million.
This raised one big question:
Is Hayes dumping these coins so he can buy more ZEC?
Hayes is extremely bullish on Zcash
He hasn’t been shy about it either. Recently, he said “ZEC > XRP,” meaning he believes Zcash could grow bigger than Ripple.
He even predicted that ZEC could hit $10,000 to $20,000 per coin one day. He’s aiming for a ZEC/BTC ratio of 0.2 — which, if Bitcoin stays where it is, would put ZEC around $19,200.
Hayes also revealed that ZEC is now his fund’s second-largest liquid holding, right behind Bitcoin. He calls Zcash “Bitcoin with full privacy” and believes it could reach 10–20% of Bitcoin’s value in this market cycle.
And he’s giving advice too. In mid-November, he told people holding ZEC on centralized exchanges to withdraw it to a personal wallet and shield it.
His message was simple: “If you hold ZEC on a CEX, move it.”
