An address associated with the former CEO of BitMEX and Arthur Hayes, who has recently come to the fore with important predictions, is on the move. PeckShield, a blockchain security firm that monitors on-chain data, highlighted the latest developments in Hayes’ cryptocurrency address. Here are the details…
Crypto forecaster’s wallet has activity
According to a PeckShield report, an address associated with Arthur Hayes, former CEO of BitMEX, bridged 137 ETH from Arbitrum. He then traded them for 223,000 USDT. As it is known, USDT is a stablecoin with 1:1 pegged to the US dollar. So we can say that the former CEO of BitMEX received $ 223,000. $223,000 equates to around $1,632 per ETH. At the time of writing, ETH is changing hands at $1,619. As a result, Hayes traded his coins for 223,000 USDT, which is equivalent to approximately $1,632 per ETH.
#PeckShieldAlert Arthur Hayes-labeled address bridged 137 $ETH from #Arbitrum and swapped them for 223.6k $USDT (~$1,632/$ETH) and transferred ~311k $USDT to Binance within the last 5 hourshttps://t.co/pdtk3iPVpX pic.twitter.com/OgjD3rRcmG
— PeckShieldAlert (@PeckShieldAlert) February 28, 2023
The same address then transferred 311,000 USDT over the past five hours to Binance, the world’s largest cryptocurrency exchange by daily trading volume. This move comes after Hayes sold his BLUR holdings, which he recently promoted on Twitter. While it’s unclear why Hayes took the action, his removal of funds from the Arbitrum network drew attention. In particular, according to some, this may be seen as a sign for all layer-2 (L2) investors.
Arbitrum network is gaining popularity
Meanwhile, the total value (TVL) locked in the Arbitrum network has already been increasing lately. In particular, investors looking to escape Ethereum’s high gas fees are looking for layer-2 solutions. So Arbitrum has gained popularity recently. So there are also arguments that Hayes’ move has nothing to do with the overall performance of the L2. However, the fact that it has removed such a large amount of funds from the network may raise some concerns.
cryptocoin.com As we have reported, Arbitrum is a project launched to provide fast and low-cost transactions on the Ethereum network. As we mentioned above, this makes Arbitrum an attractive option for those who want to avoid high transaction fees. It’s unclear what Hayes’ intentions were with these moves. But for now, it doesn’t seem to have any significant impact on the network.
Hayes’ latest predictions
Meanwhile, Hayes remains a key figure in the crypto space. Hayes stepped down as the CEO of BitMEX in 2020 after being accused by US regulators of violating money laundering regulations. According to some experts, Hayes’ move to transfer funds from the Arbitrum network could be a signal for all L2 investors to reevaluate their positions. This move may indicate that he sees potential risks or opportunities in the market. Still, investors may not need to think through this move.
Hayes recently said that the flagship cryptocurrency Bitcoin and other risk assets are likely to undergo a major correction in the near future as a large amount of liquidity has left the market. Hayes said in a recent interview with Crypt Banter that Bitcoin has not really escaped its association with global risk assets. According to Hayes, this means “everything including Bitcoin is going down massively together.”
