Market Rises, But the Founder of BitMEX is Cutting Losses

According to reports, Arthur Hayes’ wallet address – the founder of BitMEX, has recently incurred losses by selling a significant amount of various coins to concentrate on acquiring three main coins: ETH, GMX, and PENDLE.

Specifically, in recent days, through Wintermute, Arthur Hayes’ wallet address has sold ENS, FXS, and LOOKS. Each token has experienced losses exceeding 50%, resulting in a total loss of around $5 million.

Subsequently, the wallet address used the majority of the funds to purchase ETH, GMX, and PENDLE. At present, Arthur Hayes is the largest holder of GMX with 233,000 GMX (approximately $12 million at the time of writing).

On December 22, 2023, during a period of significant price surge for Solana’s SOL, BitMEX founder Arthur Hayes chose to sell SOL and bolster his Ethereum holdings. Hayes expressed confidence in ETH potentially reaching $5,000 in the future.

Related: BitMEX Founder Sells Solana to Acquire Ethereum

Apart from Ethereum, Hayes is also a Bitcoin advocate, predicting a surpassing of $70,000 for Bitcoin in 2024. He also discussed investments in Pepe (PEPE), a meme-themed coin launched on April 14 and listed on major exchanges like Binance.

However, Hayes is known for occasionally making inaccurate Bitcoin price predictions. In April 2020, he warned of a potential 57% drop in Bitcoin’s price, from $7,000 to $3,000. Despite this, Bitcoin remained stable and even increased by 28% to $9,000 in the following three months.

More recently, Hayes predicted that ETH would reach $5,000 after The Merge. However, post the Merge event, Ethereum’s price experienced a decline for several months before recovering alongside the overall cryptocurrency market earlier this year.