BitMEX co-founder Arthur Hayes has recently made a significant move in the crypto market by transferring millions of dollars worth of altcoins to the popular exchange Binance. According to data from blockchain tracking firm Lookonchain, Hayes sent over $8.47 million worth of Ethena (ENA) to Binance, presumably to sell on the open market.
Hayes had previously accumulated 16.79 million ENA, valued at $11.21 million, between November 26th and November 28th at a price of $0.67. With the current price, he has made a profit of $7.7 million from this investment.
In addition to the transfer to Binance, Hayes also sent an additional $2.42 million worth of ENA to another wallet that contains over $11 million worth of crypto. The receiving wallet is suspected to be owned by Hayes as well, according to blockchain “de-anonymizing” service Arkham, although they are not 100% certain.
Hayes recently shared his thoughts on the crypto market, expressing concerns about a potential correction following the inauguration of President-elect Donald Trump. He believes that the markets could experience a “harrowing dump” around Trump’s January 20th, 2025 inauguration day. As a precaution, Hayes is lightening up on certain positions in advance, with the intention of rebuying core positions at lower prices in the first half of 2025.
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Overall, Arthur Hayes’ recent moves in the crypto market indicate a strategic approach to managing his investments amidst potential market volatility. As a prominent figure in the crypto space, his actions are closely watched by industry observers and investors alike.