BitMEX co-founder Arthur Hayes sold around $8 million worth of Ethereum (ETH) last week, predicting the price would drop to as low as $3,000.
However, contrary to his expectations, ETH rose to $4,200. Hayes then announced that he would reverse all his sales and give up profit-taking.
According to data from on-chain analyst Ember, Hayes transferred 14.8 million USDC to exchanges and institutional platforms. In the last two hours, he amassed a total of $6.85 million worth of assets: 1,250 ETH ($5.29 million), 424,000 LDO ($550,000), 420,000 ETHFI ($510,000), and 92,000 PENDLÜç DiE ($500,000).
On August 2, Hayes predicted that Bitcoin could fall to $100,000 and Ethereum to $3,000, so he sold the ETH and ecosystem tokens ENA, AAVE, LDO, ETHFI, and PEPE he had purchased in July. He sold ETH at an average price of $3,506.
BitMEX founder Arthur Hayes was once convicted of failing to comply with anti-money laundering regulations in the US. However, Hayes was recently pardoned by US President Donald Trump.
*This is not investment advice.
