Arthur Hayes of BitMEX moved 41 million ATH ($2.18 million) to Bybit and OKX, raising eyebrows about his intentions. He purchased 116.6 million ATH tokens in September at an average price of $0.065. He could now face a $0.49M loss on this transfer, as the current ATH price is $0.053.
However, Hayes has adopted a bullish stance on Bitcoin. He expects the price to rally in the wake of tension in the Middle East. Many people are questioning whether Hayes is going to buy more Bitcoin. He stated this in his blog,
“Bitcoin is stored energy in digital form. Therefore, if energy prices rise, Bitcoin will be worth more in terms of fiat currency.”
Hayes’ Bullish View On Bitcoin Amid Middle East Conflict
Hayes has been vocal about Bitcoin’s coming bullish momentum in relation to the escalating tensions between Israel and Iran. He warns that if the main oil fields are affected, the price of oil will increase and affect the economy even more.
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In his blog on Medium, he stated that oil prices would spike and such situations would create pressure on nations to look for other sources of energy leading to instability of the market.
According to Hayes, Bitcoin’s decentralized nature will help keep off geopolitical risks. Traditional money may face inflation risks and decline, while bitcoin remains intact and potentially increases in value.
Loss on ATH Transfer: Strategic Sell or Tactical Shift?
In the report, on-chain analyst EmberCN said Hayes transferred 41 million ATH tokens of which 36 million were received by Bybit and 5 million by OKX. Since he purchased such tokens in September for $0.065 and the current price is $0.053, it is possible to sell off these tokens at a loss of about $490,000.
This move has attracted various speculations if Hayes is selling at a loss with the objective of acquiring more bitcoins. From Hayes’ investment records it can be seen that he occasionally makes strategic decisions that precede major price movements.
For instance, after he sold 1.595 million PENDLE worth $5.61 million, the price of the token rose by 23%. The possibility that Hayes may be selling ATH at a loss and preparing to hold more bitcoin is a subject of debate at the moment, given that he remains bullish on bitcoin despite the crisis surrounding it.
Past Activity and Hayes’ Investment Moves
From August 15 till now, Arthur Hayes has removed 54,26 million ATH worth $3,61 million from the financial platforms like OKX, Bybit, and Flowdesk at the average price of 0,066 dollars per token.
These movements follow his sale of PENDLE tokens, which saw a significant price increase after his exit. His transactions often carry market influence, making his recent transfers noteworthy.
However, it is still uncertain whether he is likely to pump the money into Bitcoin or not but his past actions suggest that he is likely to make a change.
