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BitMEX co-founder Arthur Hayes is unloading his altcoin positions, believing that the crypto market will witness a correction this month. In a new post on the social media platform X, blockchain tracking firm Lookonchain spotted Hayes selling millions of dollars worth of Ethereum (ETH) as well as the memecoin Pepe (PEPE) and the stablecoin-focused project Ethena (ENA). “Arthur Hayes sold 2,373 ETH ($8.32 million), 7.76M ENA ($4.62 million) and 38.86 billion PEPE( $414,700)…” The crypto veteran says he’s selling his altcoins because he believes that Q3 will be a period of sluggish economic growth. Hayes believes monetary policies are not loose enough to stimulate the economy, especially with Trump’s tariffs on the horizon. According to Hayes, macroconditions are ripe to trigger significant retracements for Bitcoin (BTC) and Ethereum. “Why? US Tariff bill coming due in 3Q … at least the market believes that after NFP (non-farm ...

BitMEX co-founder Arthur Hayes was spotted moving millions of dollars worth of altcoins to crypto exchange Binance. According to blockchain tracking firm Lookonchain, Hayes sent over $8.47 million worth of Ethena (ENA) to Binance, presumably to sell on the open market. “ Arthur Hayes previously accumulated 16.79 million ENA ($11.21 million) at $0.67 between Nov 26th and Nov 28th, making a profit of $7.7 million at the current price.” Source: Lookonchain/X According to blockchain “de-anonymizing” service Arkham, Hayes also sent an additional $2.42 million worth of ENA to another wallet containing over $11 million worth of crypto. Arkham notes that the receiving wallet may be owned by Hayes as well but the firm is not 100% certain. In a recent essay, Hayes said that the crypto markets could be at risk of witnessing a “harrowing” correction following the inauguration of President-elect Donald Trump. “The people are impatient bec...

The Token2049 conference in Singapore attracted some of the biggest names in crypto, and some of them, unsurprisingly, took the opportunity to pump their own bags. According to some attendees who watched Arthur Hayes’ speech at the conference on Wednesday, the ex-BitMEX CEO took nearly 30 minutes of stage time to promote one of his favorite crypto projects, Pendle. On Friday, he sent over a million dollars of Pendle to his accounts at Binance and ByBit. Because centralized exchanges like Binance and ByBit commingle customer assets together, preventing absolute confirmation of what occurred, many people interpreted the transfer as an indication that Hayes sold those tokens . This is why @CryptoHayes is my daddy pic.twitter.com/wewtj8hLi1 — Pendle Intern (@PendleIntern) September 18, 2024 Reactions to Arthur Hayes’ Pendle trade Reactions to the transfer were immediate. Several made reference to Hayes’ iconic, underhanded exclamation, “Yahtzee!” while another said, “T...