Arthur Hayes, the co-founder of BitMEX, has recently transferred significant amounts of altcoins, valued in the millions, to the Binance cryptocurrency exchange. Blockchain monitoring company Lookonchain reported that Hayes moved approximately $8.47 million worth of Ethena (ENA) with the intention of selling in the open market.
What Did Hayes Acquire Before the Transfers?
Between November 26 and 28, Hayes amassed a total of 16.79 million ENA at a price of $0.67 per token, which has allowed him to realize a profit of $7.7 million based on current valuations.
What Are Hayes’s Predictions for the Crypto Market?
In a recent analysis, Hayes expressed concerns about a potential “traumatic” correction in the cryptocurrency markets following Donald Trump’s inauguration as President. He speculated that Trump might devalue the dollar against gold, which could influence production costs in the U.S. within the early days of his term.
Hayes believes that the cryptocurrency markets could see a significant downturn coinciding with Trump’s inauguration on January 20, 2025. He plans to adjust his positions accordingly, aiming to purchase assets at reduced prices.
- Hayes transferred $8.47 million in ENA to Binance.
- He previously acquired 16.79 million ENA, yielding a $7.7 million profit.
- He warns of potential market volatility following political shifts.
These actions reflect ongoing volatility in the cryptocurrency sector, with significant transfers from major players shaping market dynamics. Observers are keenly analyzing these developments to gauge future market trends and make informed decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
