Recent actions by Arthur Hayes, co-founder of BitMEX, have drawn attention as he sold Ethereum, then quickly bought it back at a higher price. Let's look at the details.
Sale of Ethereum for $8.32 Million
Arthur Hayes sold 2,373 ETH for approximately $8.32 million when the price was around $3,507. This move allowed him to secure profits before the recent surge in Ethereum's value.
Reverse Purchase of Ethereum
Despite the sale, Hayes deployed $10.5 million in USD Coin (USDC) to acquire ETH at prices exceeding $4,150. He acknowledged his decision on social media, asking for forgiveness and pledging that he would 'never take profit again,' demonstrating his strong conviction in Ethereum's future.
Market and Institutional Investments
Despite Hayes' warnings of potential downward pressure on cryptocurrencies due to macroeconomic factors, institutional investors continue to accumulate ETH. Since early July, over 1.035 million ETH worth around $4.17 billion have been purchased, supporting Ethereum's recent price rally from $2,600 to over $4,000.
Arthur Hayes' actions and current market trends highlight the active and dynamic nature of cryptocurrency investing, especially by major players and institutional investors.
