Arthur Hayes, co-founder of BitMEX, has reportedly transferred a substantial amount of altcoins to Binance, sparking speculation. Blockchain analysis firm Lookonchain reveals that Hayes deposited over $8.47 million worth of Ethena (ENA) into Binance, likely for sale purposes.

Lookonchain/X reports that Hayes initially amassed 16.79 million ENA, valued at $11.21 million, at a price of $0.67 per coin between November 26th and November 28th.

This accumulation allowed him to secure a $7.7 million gain given the current market value. In addition, blockchain "de-anonymizing" service Arkham identified another $2.42 million in ENA being transferred from Hayes to a separate wallet. This wallet, containing over $11 million in cryptocurrency, might also belong to Hayes though Arkham cannot confirm it entirely.

In a recent publication, Hayes expressed concerns about a potential "harrowing" market correction following Donald Trump's presidential inauguration.

Hayes suggests Trump's strategic political maneuvers could result in a significant dollar versus gold devaluation. Such a move might foster competitive production costs in the U.S., promoting job growth swiftly. However, Hayes anticipates a disruptive market downturn around Trump's scheduled January 20th, 2025 inauguration, with a targeted rebuy of core positions after potential price dips in the first half of the year.