BitMEX co-founder Arthur Hayes was spotted moving millions of dollars worth of altcoins to crypto exchange Binance.

According to blockchain tracking firm Lookonchain, Hayes sent over $8.47 million worth of Ethena (ENA) to Binance, presumably to sell on the open market.

“Arthur Hayes previously accumulated 16.79 million ENA ($11.21 million) at $0.67 between Nov 26th and Nov 28th, making a profit of $7.7 million at the current price.”

According to blockchain “de-anonymizing” service Arkham, Hayes also sent an additional $2.42 million worth of ENA to another wallet containing over $11 million worth of crypto. Arkham notes that the receiving wallet may be owned by Hayes as well but the firm is not 100% certain.

In a recent essay, Hayes said that the crypto markets could be at risk of witnessing a “harrowing” correction following the inauguration of President-elect Donald Trump.

“The people are impatient because they are desperate. Trump is an astute politician and knows his base. To me, that means he must go big early, which is why my money is on a massive dollar vs. gold devaluation early into his first 100 days in office. It is an easy way to make production costs globally competitive in America quickly. It will lead to an immediate re-shoring of productive capacity, leading to an increase in hiring today and not five years from now.

Before we get to the crack-up-boom phase in this crypto bull market, I believe the crypto markets will experience a harrowing dump around Trump’s January 20th, 2025 inauguration day. Maelstrom will be lightening up on certain positions in advance, hoping to rebuy some core positions at lower prices sometime in 1H25.”