Arthur Hayes, co-founder of BitMEX and CIO of the Maelstrom fund, has made bold moves by swiftly increasing his altcoin acquisitions as the market maintains its positive momentum. In the past 24 hours, Hayes transferred approximately 16.5 million USDC to major exchanges and an unknown address resembling over-the-counter transactions, resulting in significant altcoin purchases. He spent $7.43 million acquiring 1,750 ETH and $1.02 million on 184,610 Pendle coins. Additionally, he allocated $556,570 for Lido DAO (LDO) and $526,600 for Ether.fi (ETHFI).
Continued Altcoin Accumulation by Hayes
The avenues of Hayes’s transfers are diverse, involving both exchanges and institutional liquidity providers, as reflected in Arkham’s data. Significant USDC outflows to Binance and Kraken indicate a strong movement of funds. Transfer activities to Wintermute and an undisclosed address suggest a quest for deep institutional access. The investment portfolio is varied, encompassing different thematic altcoins ranging from Ethereum $4,207 and Pendle to Lido DAO and Ether.fi.
Wintermute’s prominence as a key player in algorithmic trading drew attention as Hayes acquired 10 ENA coins from this institution. Furthermore, there was an influx of 3.4 million USDC to Hayes’s holdings, earmarked as new liquidity to fuel further purchases. Nevertheless, current data is limited to the transactions that have surfaced thus far.
Positive Market Indicators
Hayes had earlier predicted a highly optimistic altcoin season following Bitcoin $120,649 ‘s breach of the $110,000 threshold last month. The leading cryptocurrency hit its all-time high at $123,000 on July 14. The market witnessed an upward drive by August 10, as total locked value within decentralized finance surged past $150 billion, paralleling April 2021 levels. Concurrently, the total crypto market valuation soared to an all-time high of $4.06 trillion.
Market sentiment has shifted decisively into the “greed” zone. With liquidity on the rise, expectations for volatility in altcoins are growing. Hayes’s focused acquisitions strategically align with this market landscape in terms of timing and diversification of assets.
