Arthur Hayes Sold This Altcoin: What’s Going On?

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According to a report by PeckShield according toformer CEO of BitMEX Arthur Hayes An address associated with Arbitrum bridged 137 ETHs on the Arbitrum network and sold them for a total of 223,000 USDT at $1,632 per unit. The same address then transferred 311,000 USDT to Binance in the last five hours.

This move by Hayes, which he recently promoted on Twitter, BLUR came right after he sold his assets. Although it is not yet known why Hayes made this move, it is possible to interpret the removal of funds from the Arbitrum network as a sign for all layer-2 investors.

Arbitrum The locked aggregate value (TVL) in its network has been on the rise lately, which may indicate that Hayes’ action has nothing to do with the overall performance of layer-2. However, the fact that it has pushed such a large amount of funds out of the network still raises some concerns.

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Participants looking for alternative Tier-2 solutions to the high gas fees on the Ethereum network have recently started showing interest in Arbitrum. Arbitrum is designed to enable fast and low-cost transactions on the Ethereum network. This makes it an attractive option for those who want to avoid high transaction fees.

Arbitrum Move Gets Attention

Koinfinans.com As we have reported, although it is not known what Hayes intended with these moves, cryptocurrency It is quite clear that it continues to be followed in the field. Hayes stepped down as BitMEX CEO in 2020 after being accused of violating US anti-money laundering regulations.

Hayes’ move to transfer funds from the Arbitrum network could be a signal for all tier-2 investors to reassess their positions. It’s unclear what his intentions were, but this move may indicate that he sees potential risks or opportunities in the market.

You can follow the current price action here.


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