Key Notes
- Hayes transferred 327,869 $PENDLE at $1.53 after buying near $2.06.
- The address sent 3.59 million $ENA at $0.14, down from an entry point of $0.23.
- Hayes also deposited 2.31 million $LDO at $0.42, below his reported $0.56 entry.
BitMEX co-founder Arthur Hayes is transferring his crypto holdings to a brokerage platform, despite short-term gains in the broader market.
On-chain data shows that all of these transfers involve assets acquired at higher price levels and now moved at lower market prices.
Hayes recently transferred 327,869 $PENDLE $PENDLE $1.53 24h volatility: 4.2% Market cap: $249.24 M Vol. 24h: $47.10 M tokens, worth around $502,000, to crypto prime broker FalconX at an average price of $1.53.
Interestingly, Hayes previously acquired around 1.4 million $PENDLE at a higher price of $2.06.
The same address also sent 3.59 million $ENA $ENA $0.14 24h volatility: 0.5% Market cap: $1.10 B Vol. 24h: $130.08 M tokens to FalconX, valued near $499,340 at a price of $0.14.
This comes after an earlier purchase of about 15.8 million $ENA at roughly $0.23 per token.
Just In: Arthur Hayes (@CryptoHayes) sent 3,597,122 $ENA ($499.34K) and 327,869 $PENDLE ($501.64K) to #FalconX and likely to send more fund.
8 hours ago, he sent 2.31M $LDO worth $980.3K to #FalconX.https://t.co/BQ7n95sjDj pic.twitter.com/xeszyIFsjF
— Onchain Lens (@OnchainLens) February 3, 2026
Earlier on Feb. 3, Hayes deposited 2.31 million $LDO $LDO $0.41 24h volatility: 1.7% Market cap: $351.25 M Vol. 24h: $31.11 M tokens to FalconX, worth around $980,000 at the time of transfer.
$LDO was trading near $0.42 during the move, below his reported average buy price of $0.56 for the full position.
Related article: Best Altcoins to Buy in February 2026
Onchain Lens stated that further transfers may follow. Transfers to brokers often lead to spot sales, but they are also widely used for OTC execution or hedging.
Hayes commented on the FalconX activity with an ambiguous social media post. He said that the transfer might be finished, or perhaps not, which added to market uncertainty.
It’s all over folks … 😝😝😝😝😝😝
Maybe … maybe not https://t.co/WTBhqKyED0
— Arthur Hayes (@CryptoHayes) February 2, 2026
What’s Next for Altcoins?
The transactions come as the total crypto market cap rose 2.5% on Feb. 3 to $2.64 trillion.
Market data shows an 85% correlation between Bitcoin $BTC $78 410 24h volatility: 1.0% Market cap: $1.57 T Vol. 24h: $60.23 B and the S&P 500 and points to a shared response to interest rate expectations.
Bitcoin dominance currently sits at 59.43%, while the Altcoin Season Index fell from 32 to 29 in the past day. This shows continuous capital rotation toward $BTC.
Bitcoin is trading about 83% above its prior cycle high, while the TOTAL3 index, which tracks altcoins excluding $BTC and $ETH $ETH $2 296 24h volatility: 0.2% Market cap: $277.01 B Vol. 24h: $36.99 B , is only around 6% above its own.
From cycle lows, Bitcoin has recovered roughly 730%, compared with about 300% for TOTAL3.
The divergence between $BTC and Altcoins (#TOTAL3) is reaching a historical tipping point.
While Bitcoin has surged +83% above its previous cycle high, Altcoins have barely scratched a +6% increase over theirs. The disparity in recovery from the lows is even more striking:
$BTC:… pic.twitter.com/Cw2AWFhajF
— Altcoin Vector (@altcoinvector) January 29, 2026
Some market observers argue that expectations of a broad altcoin rally may be overstated. However, many believe that the market is at the origin of a massive, delayed altcoin rotation.
#Altcoins
Friendly reminder:
The Altcoin bull market begins when the SMA100 crosses the EMA100 bearishly (yellow).🟡
The altcoin bull market ends when the SMA100 crosses the EMA100 bullishly (red).🔴
The SMA100 has just crossed the EMA100 bearishly.👀🔥 pic.twitter.com/AFjf95nluZ
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) February 2, 2026
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
