Arthur Hayes Sells Several Cryptocurrencies at a Loss

Arthur Hayes incurred a loss of approximately $5 million.
He sold three of his altcoins at a loss: ENS, FXS, and LOOKS.
Hayes positioned himself on three new altcoins, namely ETH, GMX, and PENDLE.

Arthur Hayes incurred a $5 million loss

Arthur Hayes, founder and former CEO of BitMEX, recently executed massive sales on several altcoins, resulting in losses of millions of dollars.

In fact, Hayes sold his tokens ENS, FXS, and LOOKS through the algorithmic trading platform Wintermute, thus suffering a total loss of over $5 million. It should be noted that the losses on each of these tokens exceeded 50% of his initial investments.

🚨 Arthur Hayes, the founder of BitMEX, has reportedly sold his $ENS, $FXS, and $LOOKS tokens, resulting in a total loss of over $5 million.

He has since purchased $ETH, $GMX, $PENDLE, and is reportedly the largest holder of $GMX with 233,000 GMX tokens (12 million dollars).

— Coin Academy (@coinacademy_fr) December 30, 2023

For example, he allegedly sold over 230,000 ENS, which is approximately $2.12 million, resulting in a net loss of just over $2.18 million.

This shows us how risky trading low-cap tokens can be for investors.

Arthur Hayes Positions Himself on Other Cryptocurrencies

Following these losses, Hayes has adjusted his investment strategy by positioning himself on new tokens such as Ethereum (ETH), GMX, and PENDLE. He acquired a total of 437 ETH, 21,040 GMX, and 500,000 PENDLE. This amounts to a total value of around $2.5 million at the current cryptocurrency prices.

Furthermore, Hayes is the largest holder of GMX with his 233,000 tokens, valued at over $12 million.

These movements suggest Hayes’ renewed confidence in ETH and the potential of the Layer 2 DeFi token market.

Arthur Hayes Sells Several Cryptocurrencies at a Loss