BitMEX co-founder Arthur Hayes executed significant trades impacting the Ethereum (ETH) market, selling and subsequently repurchasing a large quantity of the cryptocurrency within a short timeframe.
Hayes sold 2,373 ETH, valued at approximately $8.3 million at the time. This substantial sell-off contributed to a noticeable price drop, pushing Ethereum’s value down to around $3,500.
However, Hayes then repurchased the same amount of ETH, acquiring 2,373 coins again at prices exceeding $4,150 per ETH. This significant buy-back coincided with, and is widely linked to, a surge in Ethereum’s market price beyond the $4,100 level.
These trades significantly influenced Ethereum’s market dynamics and elicited strong reactions among investors. The rapid sequence of selling causing a dip followed by a large repurchase triggering a surge renewed market optimism and highlighted underlying confidence in ETH.
The episode underscored Ethereum’s inherent volatility and demonstrated the potential for individual high-profile market participants to exert substantial influence on cryptocurrency price movements in the short term.