Arthur Hayes has liquidated his holdings again, selling $22.28 million worth of ETH, including 6,400 ETH. But don't rush to copy his strategy. I reviewed his 12 on-chain sell-offs since 2024: 30 days after the sale, the price rose 6 times, fell 5 times, and remained flat once; 90 days later, it rose 5 out of 11 times. Sometimes he sold at rock-bottom prices; this June, he dumped 6,000 ETH at $1,690, and 90 days later it rose 45%.