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 $2 329 24h volatility: 0.7% Market cap: $281.05 B Vol. 24h: $9.99 B for $7.43 million and 184,610 Pendle PENDLE $1.99 24h volatility: 3.1% Market cap: $338.67 M Vol. 24h: $35.37 M for $1.02 million. Hayes also bought $556,570 worth of Lido DAO LDO $0.41 24h volatility: 3.1% Market cap: $346.70 M Vol. 24h: $24.82 M and $526,600 worth of Ether.fi ETHFI $0.45 24h volatility: 2.0% Market cap: $380.18 M Vol. 24h: $30.51 M  tokens. 

The crypto pioneer also received 10 Ethena ENA $0.13 24h volatility: 0.1% Market cap: $1.18 B Vol. 24h: $101.03 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: $77.88 B Vol. 24h: $6.35 B . 

Last month, Hayes hinted at an “ultra bullish” altseason as Bitcoin BTC $80 945 24h volatility: 0.7% Market cap: $1.62 T Vol. 24h: $17.48 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