Arthur Hayes Goes on Buying Spree as Market Turns Greedy

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 $3 959 24h volatility: 2.7% Market cap: $478.60 B Vol. 24h: $63.61 B for $7.43 million and 184,610 Pendle PENDLE $4.62 24h volatility: 2.1% Market cap: $785.80 M Vol. 24h: $147.88 M for $1.02 million. Hayes also bought $556,570 worth of Lido DAO LDO $1.08 24h volatility: 2.5% Market cap: $962.65 M Vol. 24h: $126.98 M and $526,600 worth of Ether.fi ETHFI $1.48 24h volatility: 9.9% Market cap: $764.89 M Vol. 24h: $268.23 M  tokens. 

The crypto pioneer also received 10 Ethena ENA $0.58 24h volatility: 2.4% Market cap: $3.98 B Vol. 24h: $589.66 M 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: $73.94 B Vol. 24h: $14.33 B . 

Last month, Hayes hinted at an “ultra bullish” altseason as Bitcoin BTC $109 533 24h volatility: 2.7% Market cap: $2.18 T Vol. 24h: $74.24 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. 

next