BitMEX co-founder Arthur Hayes moved large volumes of PENDLE, ENA, and LDO to FalconX at prices below his earlier entry levels. The post Arthur Hayes Transfers BitMEX co-founder Arthur Hayes moved large volumes of PENDLE, ENA, and LDO to FalconX at prices below his earlier entry levels. The post Arthur Hayes Transfers

Arthur Hayes Transfers Millions in PENDLE, ENA, LDO to FalconX, What It Means for Altcoins

Okuma süresi: 3 dk

BitMEX co-founder Arthur Hayes is transferring his crypto holdings to a brokerage platform, despite short-term gains in the broader market.

On-chain data shows that all of these transfers involve assets acquired at higher price levels and now moved at lower market prices.

Hayes recently transferred 327,869 PENDLE PENDLE $1.52 24h volatility: 3.7% Market cap: $247.82 M Vol. 24h: $47.17 M tokens, worth around $502,000, to crypto prime broker FalconX at an average price of $1.53.

Interestingly, Hayes previously acquired around 1.4 million PENDLE at a higher price of $2.06.

The same address also sent 3.59 million ENA ENA $0.14 24h volatility: 0.3% Market cap: $1.10 B Vol. 24h: $125.33 M tokens to FalconX, valued near $499,340 at a price of $0.14.

This comes after an earlier purchase of about 15.8 million ENA at roughly $0.23 per token.

Earlier on Feb. 3, Hayes deposited 2.31 million LDO LDO $0.41 24h volatility: 1.5% Market cap: $350.24 M Vol. 24h: $30.61 M tokens to FalconX, worth around $980,000 at the time of transfer.

LDO was trading near $0.42 during the move, below his reported average buy price of $0.56 for the full position.

Onchain Lens stated that further transfers may follow. Transfers to brokers often lead to spot sales, but they are also widely used for OTC execution or hedging.

Hayes commented on the FalconX activity with an ambiguous social media post. He said that the transfer might be finished, or perhaps not, which added to market uncertainty.

What’s Next for Altcoins?

The transactions come as the total crypto market cap rose 2.5% on Feb. 3 to $2.64 trillion.

Market data shows an 85% correlation between Bitcoin BTC $78 193 24h volatility: 0.9% Market cap: $1.56 T Vol. 24h: $59.48 B and the S&P 500 and points to a shared response to interest rate expectations.

Bitcoin dominance currently sits at 59.43%, while the Altcoin Season Index fell from 32 to 29 in the past day. This shows continuous capital rotation toward BTC.

Bitcoin is trading about 83% above its prior cycle high, while the TOTAL3 index, which tracks altcoins excluding BTC and ETH ETH $2 282 24h volatility: 0.4% Market cap: $275.41 B Vol. 24h: $34.97 B , is only around 6% above its own.

From cycle lows, Bitcoin has recovered roughly 730%, compared with about 300% for TOTAL3.

Some market observers argue that expectations of a broad altcoin rally may be overstated. However, many believe that the market is at the origin of a massive, delayed altcoin rotation.

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The post Arthur Hayes Transfers Millions in PENDLE, ENA, LDO to FalconX, What It Means for Altcoins appeared first on Coinspeaker.

Sorumluluk Reddi: Bu sitede yeniden yayınlanan makaleler, halka açık platformlardan alınmıştır ve yalnızca bilgilendirme amaçlıdır. MEXC'nin görüşlerini yansıtmayabilir. Tüm hakları telif sahiplerine aittir. Herhangi bir içeriğin üçüncü taraf haklarını ihlal ettiğini düşünüyorsanız, kaldırılması için lütfen service@support.mexc.com ile iletişime geçin. MEXC, içeriğin doğruluğu, eksiksizliği veya güncelliği konusunda hiçbir garanti vermez ve sağlanan bilgilere dayalı olarak alınan herhangi bir eylemden sorumlu değildir. İçerik, finansal, yasal veya diğer profesyonel tavsiye niteliğinde değildir ve MEXC tarafından bir tavsiye veya onay olarak değerlendirilmemelidir.

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