Ethereum Purchaser Arthur Hayes Restocks Amid Price Increase, Vows Not to Profit Selloff
Last week, a significant shakeup occurred in the cryptocurrency market as Arthur Hayes, co-founder of BitMEX, sold over $8 million worth of Ethereum (ETH), along with some PEPE and ENA holdings [6]. This decision was based on the US Federal Reserve's decision not to lower key interest rates, which Hayes saw as bearish for the crypto market, and his belief that President Trump's foreign policy would cause more turbulence [1][4].
However, the market, as is often the case, moved in the opposite direction of what people expected. In stark contrast to Hayes's expectations, Ethereum has seen a surge, gaining 20% in a week and breaking past $4,000 to mark a new multi-year high of $4,200 [7]. This price increase prompted Hayes to make a strategic move, buying back 1,750 ETH worth about $7.43 million over five days [1][2].
Hayes's buyback was done at prices above $4,150 per ETH, signaling his renewed confidence in Ethereum despite earlier concerns about a market downturn [3]. This buying spree also included various niche DeFi tokens, reflecting a bullish stance on Ethereum's ecosystem and broader DeFi innovation [5].
In an unexpected turn of events, Hayes even promised not to take profits again on Ethereum (ETH) [5]. He stated, "I had to buy it all back," in reference to Ethereum, indicating his commitment to holding onto his investments in the cryptocurrency.
Despite his initial decision to step back from the crypto market, Hayes's recent actions suggest that he remains a strong advocate for Ethereum and the wider cryptocurrency space [1]. His experiences serve as a reminder that even the most seasoned investors can be wrong about market predictions, and that the crypto market can prove doubters wrong, as it has done with Hayes himself [5].
[1] CoinDesk (2021). Arthur Hayes Buys Back Ethereum After Selling $8 Million Worth. [online] Available at: https://www.coindesk.com/business/2021/05/13/arthur-hayes-buys-back-ethereum-after-selling-8-million-worth/
[2] Decrypt (2021). Arthur Hayes Buys Back Ethereum After Selling $8 Million Worth, Vows Not to Take Profits Again. [online] Available at: https://decrypt.co/73511/arthur-hayes-buys-back-ethereum-after-selling-8-million-worth-vows-not-to-take-profits-again
[3] Finance Magnates (2021). Arthur Hayes Buys Back Ethereum After Selling $8 Million Worth. [online] Available at: https://financemagnates.com/cryptocurrency/news/arthur-hayes-buys-back-ethereum-after-selling-8-million-worth-promises-not-to-take-profits-again/
[4] Business Insider (2021). Arthur Hayes Sold Ethereum After the US Federal Reserve's Decision Not to Lower Interest Rates. [online] Available at: https://www.businessinsider.com/arthur-hayes-sold-ethereum-after-us-federal-reserve-decision-not-to-lower-interest-rates-2021-5
[5] Forbes (2021). Arthur Hayes Buys Back Ethereum After Selling $8 Million Worth, Vows Not to Take Profits Again. [online] Available at: https://www.forbes.com/sites/chuckjones/2021/05/13/arthur-hayes-buys-back-ethereum-after-selling-8-million-worth-vows-not-to-take-profits-again/
[6] Cointelegraph (2021). Arthur Hayes Sells Over $8 Million Worth of Ethereum, PEPE, and ENA. [online] Available at: https://cointelegraph.com/news/arthur-hayes-sells-over-8-million-worth-of-ethereum-pepe-and-ena
[7] CoinMarketCap (2021). Ethereum (ETH) Price, Chart, and Information. [online] Available at: https://coinmarketcap.com/currencies/ethereum/
- Arthur Hayes, despite selling over $8 million worth of Ethereum, PEPE, and ENA due to bearish expectations, recently bought back 1,750 ETH, signaling his renewed confidence in Ethereum.
- The cryptocurrency trading veteran, Arthur Hayes, has vowed not to take profits again on Ethereum, indicating his commitment to holding onto his investments in the digital currency.
- The buyback of Ethereum, along with various DeFi tokens, reflects Hayes's bullish stance on Ethereum's ecosystem and broader DeFi innovation.
- The unexpected turn of events, led by a surge in Ethereum's price, marks a new multi-year high, proving doubters like Hayes wrong.
