Arthur Hayes, the co-founder and former CEO of BitMEX, a leading crypto derivatives exchange, has been selling off his holdings in ENS, FXS, and LOOKS, three Ethereum-based tokens, in the past few days. He reportedly lost more than $5 million, as the prices of these tokens plummeted by more than 50% since their peaks.
Hayes Now Largest GMX Holder
Hayes then switched to buying ETH, GMX, and PENDLE, three other Ethereum-based tokens, with a total value of about $15 million. ETH is the native cryptocurrency of the Ethereum network, GMX is the utility and governance token of GMX, a decentralized perpetual exchange, and PENDLE is the protocol token of Pendle, a platform for tokenizing and trading future yield. Hayes is now the largest GMX holder, with 233,000 GMX worth about $12 million.
The transactions as reported by Wu Blockchain:
“The address of Arthur Hayes, the founder of BitMEX, sold ENS, FXS, and LOOKS through Wintermute in recent days, with a total loss of more than 5 million US dollars, and the loss of each token exceeded 50%, and then bought ETH, GMX, PENDLE, and currently it the largest GMX holder with 233,000 GMX ($12M).”
Reacting to the report by Wu Blockchain, Hayes said that he was happy that someone made the calculation regarding his latest acquisitions and losses. He further asked his Twitter family for a better guidance next year.
Hayes is Less Speculative in His Trades
Hayes’s trading activity reflects his changing views on the crypto market, as he moves from more speculative and niche tokens to more established and mainstream ones. It also shows his confidence in the Ethereum ecosystem, which hosts the largest number of decentralized applications and users in the crypto space. However, Hayes’s moves may also expose him to higher risks, as the crypto market is known for its high volatility and unpredictability.