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Arthur Hayes's crypto portfolio shrank by more than 30% in November 2025, with a total value dropping from $63 million to $42.2 million. On-chain data shows that Hayes sold approximately $5 million worth of mainstream tokens such as ETH, ENA, ETHF, LDO, AAVE, and UNI in a single day on November 18, with some holdings being liquidated at a loss.
This action stands in stark contrast to its recent bullish stance, raising concerns in the market about the peak of the altcoin cycle. Analysts point out that institutional investors may be rotating from small and mid-cap tokens to more liquid Ethereum and stablecoins, with the current market volatility index rising to a three-month high.