The cryptocurrency house is a compelling business that tends to show many doubters fallacious, even veterans and seasoned contributors equivalent to BitMEX’s co-founder, Arthur Hayes.
As reported final week, the present Maelstrom exec offered a giant portion of his portfolio as he envisioned a extra profound market-wide correction was within the making.
On the time, Hayes disposed of greater than $8 million value of ETH, alongside some PEPE and ENA holdings. In a while, he owned as much as the transfer, saying that the US Federal Reserve had determined as soon as once more to not decrease the important thing rates of interest, which was a bearish signal for the crypto market.
Additionally, he famous that Trump’s overseas coverage will lead to extra turbulence within the ever-volatile crypto market, which is why he most well-liked to be on the sidelines.
Though that made numerous sense on the time (which was only a week in the past), as many cryptocurrencies had been within the crimson after Trump’s newest actions and nuclear submarine actions, the market sometimes tends to maneuver in the wrong way of what individuals anticipate.
Prior to now few days alone, many digital belongings have posted notable value beneficial properties, together with ETH. In actual fact, the second-largest cryptocurrency simply broke past $4,000 and marked a brand new multi-year excessive of $4,200. Which means that it has gained 20% in every week, which is in stark distinction to Hayes’s expectations of a value drop to $3,000.
As such, Hayes took it to X once more to say that he needed to “purchase all of it again.” Evidently, he was referring to ETH since he posted an Ethereum chart and requested for forgiveness from one of many greatest ether proponents – Tom Lee. Oh, and he additionally promised to not take income once more.
Had to purchase all of it again, do you forgive me @fundstrat ?
I pinky swear, I’ll by no means take revenue once more.
— Arthur Hayes (@CryptoHayes) August 9, 2025
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