BitMEX co-founder, Arthur Hayes, has ignited rumors with his latest trading activities in the crypto market. On November 26, Spot on Chain flagged Hayes selling the remaining of his Aethir (ATH) holdings. This is the token he expressed his admiration for over a few months ago.
Hayes offloaded the remaining 37.91 million Aethir tokens (valued at $2.27 million) 40 minutes ago. Data shows that he sold 33.16 million ATH tokens (worth $2 million) on Bybit.
By offloading all his ATH holdings, Hayes ended his initial Aethir investment with an estimated loss of $815,000 (-10.8%) after three and half months, on-chain data revealed.
Shifting market trends
Initially, Hayes bought Aethir tokens in August 2024 when he predicted a potential crypto market’s resurgence beginning in September. He envisioned that the Federal Reserve would reduce interest rates, leading to investors regaining confidence toward riskier assets like cryptocurrencies.
Based on his prediction, Hayes anticipated that the cryptocurrency market would end its sideways-to-downward movements starting in September. He said he would capitalize on by then the market’s slowdown by accumulating other altcoins to expand his holdings.
Although he didn’t mention any specific token, it seemed to have gained much interest in Aethir’s growth potential. In the past, Hayes invested in several altcoins to hedge against traditional market trends, explaining why he bought ATH to diversify his portfolio. But currently, it appears as if he has shifted his focus to a new project(s).
ATH price slumps
The influence of Hayes’ trading action is evidenced by Aethir’s recent price performance. Currently, ATH’s price is down 3.1%, trading at $0.05778, with its market cap down 3.62% to $301.79 million.
Selling ATH tokens, like Hayes did today, is something normal in the crypto market. Investors always look for potential projects that could enable them to earn fortunes.
Virtual currency investing has turned out to be a powerful gateway for enthusiasts seeking to hedge their portfolios and possibly make fortunes. The market’s volatility always presents extraordinary opportunities for investors to take advantage of price fluctuations. With appropriate research and strategic moves, users leverage such volatility to make returns.
