The co-founder of BitMEX, Arthur Hayes drew everyone’s attention today with his latest activities in which he sold all his Aethir (ATH) holdings. Spot-on-chain flagged that Hayes is selling his ATH holdings on November 26. This was a token that he admired a few months ago.
Arthur Hayes sold 37.91 million Aethir tokens which were valued at $2.27 million on November 26 with 33.16 million ATH tokens worth $2 million sold on the crypto exchange Bybit.
This has triggered selling pressure for Aethir as Hayes ended his initial investment with a loss of $815,000, a 10.8% decline in profit after 3.5 months of holding the ATH tokens.
Earlier in August this year, the BitMEX co-founder had bought Aethir tokens as he foresaw a crypto market resurgence from September. According to his forecast, the Federal Reserve would cut interest rates, triggering investors’ interest in risky digital assets.
Hayes expected that the sideways-to-downward movements of the crypto market would end starting in September, and he could capitalize on that market slowdown by expanding his altcoin holdings.
Although the BitMEX founder didn’t mention any particular token, everyone knew Hayes was speaking of Aethir. Earlier, he had invested in many altcoins to hedge against traditional market trends which made him purchase ATH to diversify his altcoin portfolio.
However, now it seems that Hayes has shifted focus elsewhere. The effect of Hayes selling his ATH holdings can be seen in Aethir’s price which saw a 3.1% decline to trade at $0.05778. The altcoin’s market cap also dipped by 3.62% to reach $301.79 million.
Selling ATH tokens, like Hayes did today, is something normal in the crypto market. Investors always look for potential projects that could enable them to earn fortunes.
Virtual currency investing has turned out to be a powerful gateway for enthusiasts seeking to hedge their portfolios and possibly make fortunes. The market’s volatility always presents extraordinary opportunities for investors to take advantage of price fluctuations. With appropriate research and strategic moves, users leverage such volatility to make returns.
At the time of writing, Aethir was up 7.59% in the last 24 hours to trade at $0.06111 with the market cap rising to $318.87 million and the trading volume declining by 5.80% to touch $53.88 million.