Market Rises, But the Founder of BitMEX is Cutting Losses

Despite the recent strong bullish trend in the cryptocurrency market, the founder of BitMEX has opted to cut losses on his various coins.

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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.

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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.

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