Arthur Hayes, co-founder of BitMEX, transferred 508.647 ETH, worth approximately $1.5 million, to Galaxy Digital on December 19. This move comes as Ethereum's price corrected to $2,981, contributing to a $300 billion market cap decline over the past week. Analysts suggest the transfer may indicate portfolio rebalancing rather than a bearish outlook. Hayes' Maelstrom Fund continues to hold significant positions in ETH-related assets.