Arthur Hayes, the famous founder of BitMEX, known for his Bitcoin predictions, started to expand his altcoin position, which he had been holding for about a year, as the market crashed.
Arthur Hayes raises his position in this altcoin that has returned to its cost level
According to a report from on-chain data source @EmberCN, Hayes is adding to his position on the DEX platform GMX. The BitMEX founder has bought 200,000 GMX in the last six months, with an average price of 44.7. Throughout the process, it preferred to maintain its position despite the difficult market conditions. However, Hayes’ $9 million GMX position is also taking a hit with the latest drop. The giant forecaster is now raising a hand on his investment that fell below the average purchase price.
According to EmberCN’s report, Hayes bought a total of 2327 GMX yesterday, with an average price of $45. GMX is currently trading at $44.99, slightly below Hayes’ purchase price. EmberCN reports that the founder started adding again after a 9-month hiatus.
$GMX 持仓第一的 BitMEX 创始人 @CryptoHayes 时隔 9 个月后再加仓 GMX：
· 他是在去年 3/3-9/7 半年间累计买入 20 万 GMX，均价 $44.7；
· 他的 GMX 一直在质押，未有赎回和卖出过；
· 现在 GMX 下跌至他的成本线附近，他开始买入：昨天+今天共买入 2327 GMX，均价 $45。推文由 @LionDEX_CN 赞助 pic.twitter.com/gZESnq6N21
— 余烬 (@EmberCN) June 11, 2023
BitMEX founder expects 2024
In his recent analysis, Hayes pointed to 2024 for the next BTC rally. The cryptocurrency market started the new year on a positive note after the devastating 2022. The second collapse occurred with the SEC filing lawsuits against Binance and Coinbase this week. As Hayes previously noted, the cryptocurrency market will likely be in a bullish trend throughout 2024. The famous forecaster predicts that Bitcoin will recapture $70,000 by the November 2021 peak meanwhile.
Hayes’ 2024 expectation is based on the halving cycle that Bitcoin will perform this year. The market analyst draws attention to the halving event of BTC, emphasizing that the main rises will occur in the next year. A detailed breakdown of his analysis, which he included in a recent interview as Kriptokoin.com
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