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BitMEX Founder Arthur Hayes Sells Off Coins at Loss, Increases Holdings in ETH, GMX, PENDLE

Arthur Hayes, the notable founder of BitMEX, has recently made significant moves in the cryptocurrency market, selling off a range of coins at a loss, only to concentrate his investments in Ethereum (ETH), GMX, and PENDLE. The address linked to Hayes sold off ENS, FXS, and LOOKS through Wintermute, resulting in a total loss surpassing $5 million. Each token faced a staggering loss exceeding 50% in this sale. Following this, Hayes emerged as the largest GMX holder, with an impressive 233,000 GMX valued at $12 million.

This strategic shift in investment comes after Hayes’ prior move on December 22, 2023, during the period when Solana’s SOL was surging. At that time, the BitMEX founder sold Solana’s coins and fortified his position in Ethereum. Hayes expressed a bullish sentiment toward ETH, envisioning a potential surge in its value to $5,000 in the future.

Apart from his strong stance on Ethereum, Arthur Hayes is also a staunch supporter of Bitcoin. He has forecasted Bitcoin’s potential to surpass the $70,000 mark in 2024. Hayes has also spoken about investing in Pepe (PEPE), a meme-themed cryptocurrency featuring frogs, which debuted on April 14 and got listed on major exchanges like Binance.

However, Hayes is no stranger to making “missed” predictions regarding Bitcoin’s price movements. In April 2020, he warned of a potential 57% decline in Bitcoin’s value, from $7,000 to $3,000. Contrary to his prediction, Bitcoin remained stable and even surged by 28%, reaching $9,000 over the following three months. More recently, Hayes predicted ETH to reach $5,000 post-The Merge. However, right after The Merge event, Ethereum’s price plummeted for several months before recovering along with the entire cryptocurrency market earlier this year.

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