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Arthur Hayes Does It Again: Buys ETH High, Sells It Low

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One of the most recognizable and well-known figures in the cryptocurrency space has displayed a somewhat controversial approach to his Ethereum investments over the past few months.

The most recent data shared by Lookonchain doubled down on his sporadic approach, as he had realized another loss.

The analytics resource informed that the former BitMEX CEO deposited nearly 2,365 ETH into Cumberland and Galaxy Digital earlier today, and received 4.3 million USDC in return.

According to the analysts, this meant that his selling price was at $1,821 given the asset’s retreat over the past few days from a multi-month peak of $1,980.

Hayes secured a sizeable loss of $241,000 (or 5.3%) on this trade because he went on an accumulation spree during the aforementioned ascent from ETH. As previously reported, he bought 7,213 ETH for $13.87 million at an average price of $1,923.

What’s interesting here is that this is not the first time Hayes has lost on ETH by buying high only to sell low weeks later. His previous major ETH trade was several weeks ago, when he accumulated at prices well over $1,900 again after the token jumped to $1,950.

Once it started to nosedive, though, Hayes was quick to sell off his stash at an average price of under $1,700. Thus, he incurred another major loss in just weeks, while ETH’s price rebounded shortly after.

The post Arthur Hayes Does It Again: Buys ETH High, Sells It Low appeared first on CryptoPotato.

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