Arthur Hayes (아서 헤이즈), a co-founder of BitMEX, has been seen moving $19.35 million worth of ethereum to an unlabelled address.

Blockchain media outlet U.Today reported on Oct. 15 that the transfer drew attention as it came amid weakness in the crypto market. That is because there are concerns that fund movements by large holders could lead to additional selling. It is also unclear whether Hayes moved funds between wallets he already used, leaving attention on the destination of the assets.

Arkham Intelligence data show Hayes has steadily reshuffled his ethereum holdings among his wallets. The total amount of ethereum moved between those wallets over the past 2 years was tallied at $298.1 million. That figure is the cumulative amount transferred between wallets and is separate from actual sales.

Over the same period, ethereum Hayes sent to unlabelled addresses also came to about $68.5 million. Those transactions differ from transfers between wallets confirmed as his because the owner of the destination is not identified. The latest $19.35 million transfer is also a key factor not only in where the assets moved, but who ultimately controls them.

Hayes is currently estimated to hold about $27.1 million worth of ethereum on-chain. That means he is still shown to have substantial holdings even after the large transfer. Still, current holdings and past cumulative transfers are different indicators, so the two figures cannot be simply compared to calculate the size of any sale or the drop in holdings.

So far, the destination address and purpose of the transfer have not been revealed. There is also no clear evidence the funds flowed into a crypto exchange. It is therefore unclear whether the transfer was for a sale or a reshuffle such as moving assets to a different custody wallet.

Going forward, the nature of the destination address and follow-on transactions are expected to be key points to check. Tracking whether the amount moves again to other wallets or flows into an exchange is expected to help clarify the nature of the fund movement in more detail.

Arthur Hayes just moved $19.35M of ETH. The ETH went to an unlabelled address. Hayes has sent $298.1M between his own wallets over the past 2 years, and $68.5M to unlabelled addresses. He still holds $27.1M on-chain, including $17.4M of ETH and staked ETH. https://t.co/jVDXR4gcEB