Key Points:
- Arthur Hayes, a co-founder of BitMEX, had initially sold $8.32 million worth of ether due to concerns about a market downturn.
- However, he quickly reversed his decision by purchasing back $10.5 million worth of ether after its price rose to $4,200.
- This rapid buyback suggests that Hayes may be optimistic about future increases in the value of ether, which stands in contrast to his previous market outlook.
Article Content:
Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has drastically changed his stance on ether (ETH) trading within a short period after expressing worries about a potential decline in the market.
Last week, records from Arkham Intelligence indicated that Hayes liquidated 2,373 ETH, worth approximately $8.32 million when the currency hovered around $3,500. He subsequently moved into stablecoins. Despite this, Hayes has made a quick pivot, now investing in ether again following its value surge to $4,200.
The recent moves come after Hayes liquidated more than $13 million in cryptocurrency assets, which included ethena and meme token PEPE. Initially, he justified this action by referencing pressures such as U.S. tariffs and disappointing employment data as negative factors influencing the crypto space, while predicting a test for bitcoin around $100,000 and ether slipping back to $3,000.
Hayes, however, showed renewed confidence in ether’s trajectory as he confirmed via a post on social media that he “had to buy it all back,” complementing his remarks with a price chart of ether.
