Arthur Hayes, co-founder of BitMEX and a closely followed figure in the cryptocurrency market, made headlines by selling approximately $22.28 million worth of cryptocurrencies. Hayes announced that he had closed all positions in his directional trading portfolio with investment firm Maelstrom, while warning that a decline might occur in the market before a new upward trend.
According to data shared by the on-chain analytics platform Lookonchain, a total of seven different cryptocurrencies worth $22.28 million were transferred from wallets linked to Hayes.
The most significant transaction involved 6,400 Ethereum (ETH) worth approximately $15.2 million. This was followed by 14 million Ethereum (ENA) worth $2.76 million and 323,000 Uniswap (UNI) worth $2.24 million.
Hayes also reportedly transferred 1.89 million ETHFI ($1.23 million), 546,609 AERO ($398,000), 120,000 PENDLE ($244,000), and 3 million ZAMA ($214,000).
The fact that some of the assets were sent to market makers and OTC trading platforms strengthened the possibility of a sell-off, while Hayes’ statements confirmed the decision to reduce his positions.
Arthur Hayes: We May Need to Fall Before We Rise
Arthur Hayes stated in his announcement that Maelstrom closed all positions in his directional trading portfolio and exited after profiting from his investments in ETH, ENA, UNI, and other altcoins.
The renowned investor believes that short-term risks persist in the cryptocurrency market due to current macroeconomic and geopolitical uncertainties.
According to Hayes, the market may need to experience another downturn before entering a sustained upward trend. Therefore, investors who prefer to wait for now do not plan to open new positions until clearer signals emerge indicating reduced risks.
*This is not investment advice.
