Latest news with #BitMEX
Yahoo
a day ago
- Business
- Yahoo
Arthur Hayes ‘Had to Buy It All Back' After Selling $8.3M Worth of ETH
Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have reversed course on a major ether (ETH) trade just days after warning of a market downturn. Last week, data from Arkham Intelligence showed that Hayes sold 2,373 ETH worth around $8.32 million, when the second-largest cryptocurrency was trading near $3,500 and moved into stablecoins. This weekend, however, he seems to have a change of heart. Hours ago, data first spotted by Lookonchain showed an address linked to Hayes moved out of $10.5 million in USDC to buy back ether, with the price of the cryptocurrency now hovering around $4,200. The move comes after Hayes liquidated over $13 million in crypto holdings last week, including ethena (ENA) and meme token pepe (PEPE). At the time, he cited U.S. tariffs and weaker-than-expected jobs data as headwinds for crypto, predicting bitcoin could test $100,000 and ether could revisit $3,000. Yet Hayes' quick buyback suggests he may see renewed upside in ether. Hayes seemingly confirmed the acquisition of ETH in a post on X, saying he 'had to buy it all back' while sharing an ether price chart. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Arthur Hayes ‘Had to Buy It All Back' After Selling $8.3M Worth of ETH
Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have reversed course on a major ether (ETH) trade just days after warning of a market downturn. Last week, data from Arkham Intelligence showed that Hayes sold 2,373 ETH worth around $8.32 million, when the second-largest cryptocurrency was trading near $3,500 and moved into stablecoins. This weekend, however, he seems to have a change of heart. Hours ago, data first spotted by Lookonchain showed an address linked to Hayes moved out of $10.5 million in USDC to buy back ether, with the price of the cryptocurrency now hovering around $4,200. The move comes after Hayes liquidated over $13 million in crypto holdings last week, including ethena (ENA) and meme token pepe (PEPE). At the time, he cited U.S. tariffs and weaker-than-expected jobs data as headwinds for crypto, predicting bitcoin could test $100,000 and ether could revisit $3,000. Yet Hayes' quick buyback suggests he may see renewed upside in ether. Hayes seemingly confirmed the acquisition of ETH in a post on X, saying he 'had to buy it all back' while sharing an ether price chart. Sign in to access your portfolio
Economic Times
3 days ago
- Business
- Economic Times
Crypto's $25 billion spree sparks unease even among insiders
The rush to convert listed companies into vehicles for buying cryptocurrencies has reached such a fever pitch that even executives backing such deals are warning of potential fallout for digital-asset prices. ADVERTISEMENT So-called digital-asset treasury firms, or DATs, have announced plans to raise a combined $79 billion so far in 2025 just for Bitcoin purchases, according to advisory firm Architect Partners. But it's the trend of expanding into smaller tokens — along with the sheer number of such efforts — that has market participants on edge. While the movement helped fuel a rebound in altcoins from April lows, the worry is that a sharp reversal in prices could prompt some entities to dump their holdings, exacerbating any selloff. One potential trigger for such selling is a steep drop in DAT shares that pushes their market values materially below net asset values, executives said. 'I think the collapse of a major DAT is going to set the dominoes in motion for this bull cycle to end,' said Akshat Vaidya, who as head of BitMEX co-founder Arthur Hayes's family office Maelstrom has overseen investments in three publicly traded companies that pivoted to crypto buying. He said he still receives five to 10 pitches a week to invest in prospective treasuries. Treasury firms have announced some $25 billion in planned funding this year for accumulating altcoins, ranging from Ether to Solana and TON, Architect Partners estimates. ADVERTISEMENT So far, there's little evidence of crypto hoarders selling their tokens under duress. But several of the biggest DATs have seen stock prices swoon. Metaplanet Inc., the Japanese hotel operator that's accumulated $2 billion of Bitcoin, is down around 50% from a mid-June high. Upexi Inc., which this year pivoted to buying the Solana altcoin and in which Maelstrom invested, has lost roughly two-thirds of its market value since late April. The risk of market fallout for Bitcoin appears lower, in part because it's less volatile than smaller cryptocurrencies and in part because liquidity is higher. Another cushion is that Michael Saylor's Strategy, the original Bitcoin accumulator and by far the biggest, hasn't sold a single token in the five years since it started building a hoard that's now worth around $70 billion. ADVERTISEMENT Some of crypto's top executives are less sanguine about the more recent upstarts. Michael Novogratz, the chief executive of Galaxy Digital, said on Tuesday that the dash to create new DATs has likely peaked and that new entrants may 'have a harder time getting oxygen.'Altcoins are notoriously volatile, raising the risk of a vicious cycle of forced selling and spiraling prices. An index of smaller tokens has already gone through three cycles of falling or rising more than 55% this year, and is down some 15% since reaching a five-month high on July 22. ADVERTISEMENT An Architect Partners analysis of about 30 firms accumulating a range of different tokens shows they had recorded median gains of about 14% as of July 31. Strip out announcement-day spikes, however, and the return dropped to a negative 6.5%. One measure market watchers focus on is DATs' enterprise value relative to the size of their crypto holdings, known as mNAV. To Evgeny Gaevoy, CEO of crypto market maker Wintermute, the main concern is that once weaker entities see their mNAV dive below 1, they may start selling their tokens. ADVERTISEMENT Metaplanet's mNAV currently stands at 2.39, according to its website. Upexi's is at 1.7. 'My current thesis is that when we enter into some kind of bear market in altcoins, those altcoins that have enough net asset value in the treasury companies will probably suffer the most,' Gaevoy said. Wintermute has invested in 'a few' DATs in deals that haven't yet been made public, he seeking to maximize fees from arranging fundraising for DATs are pushing out as many as possible without regard for quality, Vaidya said. At the same time, at least some of the transactions have involved insiders loading up on shares in the entity and the digital token it will invest in before its pivot is made public — and then selling when the announcement is made, according to Vaidya. Some treasury firms have seen their stock nosedive after routine filings to officially register shares that freed them up for selling by Gokhberg, whose decentralized-finance hedge fund firm Re7 Capital has a partnership with Trump family-affiliated World Liberty Financial Inc., said he has steered clear of investing in crypto treasuries, in part because 'it doesn't really make sense' for the entities to trade above NAV 'unless there is a clearly articulated yield-seeking strategy for the underlying assets, which few have.' Investors who do dive in 'might be betting on short-term market excitement and exuberance,' he said. 'But if you're late in jumping onto the train, the odds are you'll get punished and you'll just be stuck at a discount without a positive carry.'
Yahoo
5 days ago
- Business
- Yahoo
PEPE Sinks 32% From July High as Traders Capitulate on Tariff Jitters
Meme-inspired cryptocurrency PEPE lost nearly 4% of its value in the last 24-hours amid a broader market sell-off affecting most cryptocurrencies. Former BitMEX CEO Arthur Hayes sold his $414,000 position in the memecoin, citing macroeconomic risk on the potential impact of U.S. tariffs in the third quarter of the year. Hayes' sale also included other altcoin holdings as he accumulated stablecoins. Hayes pointed to weakening U.S. economic conditions and a sweeping new tariff policy set to take effect on August 7, which will apply levies of up to 41% on imports from more than 90 countries. The policy has sent jitters through the crypto market, affecting speculative assets like memecoins. PEPE's price fell from a high of $0.00001083 to a low of $0.00001002, with a total of 3.26 trillion tokens changing hands during the downturn, according to CoinDesk Research's technical analysis data model. That spike in volume suggests capitulation by some traders. The token eventually settled near its session low where it's currently trading. The drawdown follows a brief rally that had seen PEPE test resistance around the $0.00001080 level. But sellers overwhelmed buyers in the final trading hour, reversing gains and pushing the token into negative territory. Despite a modest recovery in the last minutes of trading, alongside a drop in volume that may indicate seller fatigue, sentiment remains weak. PEPE is now down 32% from its mid-July peak, mirroring a broader pullback in the meme coin sector. The wider memecoin sector, as measured by the CoinDesk Memecoin Index (CDMEME) index dropped 22.4% over the same period. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
02-08-2025
- Business
- Yahoo
Arthur Hayes Dumps Millions in Crypto Amid Bearish Bet on U.S. Tariff Impact
Arthur Hayes, the co-founder of crypto exchange BitMEX, has offloaded more than $13 million worth of crypto holdings, including ether (ETH), ethena (ENA), and pepe (PEPE). Data from Arkham Intelligence shows Hayes sold millions worth of these cryptocurrencies and moved to accumulate USDC, with the stablecoin now making up over 80% of the $27.9 million in the address associated with him. The address sold 2,373 ETH worth $8.32 million, 7.76 million ENA valued at $4.62 million, and 38.86 billion PEPE for $414,700. In a post on X, he seemingly confirmed he is behind the address and pointed to a bearish scenario for the crypto space. Hayes suggested that markets will take a hit from the impact of President Donald Trump's tariffs, some of which came into effect on Aug. 1 and others are coming on Aug. 7, which affect key trading partners. Combined with a weaker-than-expected U.S. jobs report, he argued that no major economy is expanding credit fast enough to boost nominal GDP. Against this backdrop, he predicted bitcoin could 'test $100K' while ether will revisit $3,000. The crypto market, as measured by the CoinDesk 20 (CD20) index, lost more than 7.5% of its value over the past week as rate cut hopes faded. Bitcoin outperformed the wider market with a 3.9% drop, and is now standing at $113,500. Similarly, Ether saw a 6.5% drop in the same period and now trades at $3,500. While rate cut hopes dimmed on Friday, later in the session they surged after the labor market showed signs of weakness. Polymarket traders are now weighing a 70% chance of a rate cut in September. The market is also dropping as tensions between the U.S. and Russia escalate. After former Russian President Dmitry Medvedev threatened the U.S. in response to an ultimatum on Moscow to agree to a cease-fire, Trump said he ordered two nuclear submarines to move to the 'appropriate regions.' Despite the sell-off, Hayes may remain bullish. In a post last month, he said his year-end target for the price of bitcoin was $250,000, while he saw ether rise to $10,000. Sign in to access your portfolio
