Arthur Hayes sells a series of tokens at a loss, focusing on these 3 altcoins

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Arthur Hayes, the famous founder of BitMEX, has recently made major moves in the cryptocurrency market, selling a series of tokens at a loss and focusing on investing in Ethereum (ETH), GMX and PENDLE. Addresses associated with Hayes sold ENS, FXS, and LOOKS via Wintermute, resulting in total losses of more than $5 million. In this sale, each token faced staggering losses of over 50%. Hayes subsequently became the largest GMX holder with 233,000 GMX worth $12 million.

This change in investment strategy follows a move by Hayes on December 22, 2023, when Solana’s SOL was surging. At that time, the BitMEX founder sold his entire SOL position to increase his Ethereum accumulation. Hayes expressed optimism about ETH, predicting its value will soar to $5,000 in the future.

The address of BitMEX founder Arthur Hayes recently sold ENS, FXS, and LOOKS through Wintermute, with a total loss of more than 5 million US dollars, and a loss of more than 50% of each token. He then bought ETH, GMX, and PENDLE, and is currently the largest GMX holder. …

— Wu Blockchain (@WuBlockchain) December 30, 2023

In addition to his staunch stance on Ethereum, Arthur Hayes is also an enthusiastic supporter of Bitcoin. He predicts that Bitcoin’s potential will exceed $70,000 by 2024. Hayes also talked about investing in Pepe (PEPE), a frog-themed cryptocurrency that launched on April 14, 2023 and is listed on major exchanges such as Binance.

However, Hayes also repeatedly made inaccurate predictions about Bitcoin’s price fluctuations. In April 2020, he warned that Bitcoin’s value could fall by 57%, from $7,000 to $3,000. Contrary to his predictions, Bitcoin remained stable and even increased by 28%, reaching $9,000 three months later. Recently, Hayes predicted that ETH would reach $5,000 after the merger. However, following the merger, Ethereum prices plummeted for several months before recovering along with the overall cryptocurrency market earlier this year.