When the market turns green, even the well-known Arthur Hayes goes volatile with multiple altcoins.
By Wahid Pessarlay
Edited by Julia Sakovich
Updated
2 mins read
Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom fund, has been accumulating multiple altcoins amid positive market sentiment.
Hayes, who is known for his strong bullish market predictions, sent out roughly $16.5 million in USDC over the past 24 hours to Binance, Kraken, Wintermute, and an unknown address that seems to be an over-the-counter desk, according to on-chain data from Arkham.
So far, he has purchased 1,750 Ethereum ETH $4 281 24h volatility: 1.6% Market cap: $516.58 B Vol. 24h: $29.40 B for $7.43 million and 184,610 Pendle PENDLE $5.35 24h volatility: 1.8% Market cap: $895.58 M Vol. 24h: $223.56 M for $1.02 million. Hayes also bought $556,570 worth of Lido DAO LDO $1.48 24h volatility: 15.7% Market cap: $1.33 B Vol. 24h: $439.03 M and $526,600 worth of Ether.fi ETHFI $1.26 24h volatility: 6.1% Market cap: $531.35 M Vol. 24h: $143.27 M tokens.
The crypto pioneer also received 10 Ethena ENA $0.82 24h volatility: 9.8% Market cap: $5.44 B Vol. 24h: $1.42 B tokens from Wintermute, a leading algorithmic crypto trading firm, according to Arkham data. This raises the expectations of purchasing ENA tokens.
In addition to the altcoins, the BitMEX co-founder also received $3.4 million in USDC USDC $1.00 24h volatility: 0.0% Market cap: $65.13 B Vol. 24h: $7.66 B .
Last month, Hayes hinted at an “ultra bullish” altseason as Bitcoin BTC $121 689 24h volatility: 2.8% Market cap: $2.42 T Vol. 24h: $48.94 B broke above $110,000. The leading asset then reached an all-time high of $123,000 on July 14.
The crypto market gained upward momentum on Aug. 10 with the rise of the decentralized finance total value locked to April 2021 highs. The TVL surpassed $150 billion. Moreover, the global crypto market cap reached an ATH of $4.06 trillion, according to CoinMarketCap data.
The market sentiment reached the greed zone again, and with the rising DeFi TVL, altcoins might see higher volatility due to the increased liquidity.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
