Arthur Hayes, the famous founder of BitMEX, known for his Bitcoin predictions, started to expand his altcoin position, which he had been holding for about a year, as the market crashed.
Arthur Hayes raises his position in this altcoin that has returned to its cost level
According to a report from on-chain data source @EmberCN, Hayes is adding to his position on the DEX platform GMX. The BitMEX founder has bought 200,000 GMX in the last six months, with an average price of 44.7. Throughout the process, it preferred to maintain its position despite the difficult market conditions. However, Hayes’ $9 million GMX position is also taking a hit with the latest drop. The giant forecaster is now raising a hand on his investment that fell below the average purchase price.
According to EmberCN’s report, Hayes bought a total of 2327 GMX yesterday, with an average price of $45. GMX is currently trading at $44.99, slightly below Hayes’ purchase price. EmberCN reports that the founder started adding again after a 9-month hiatus.
BitMEX founder expects 2024
In his recent analysis, Hayes pointed to 2024 for the next BTC rally. The cryptocurrency market started the new year on a positive note after the devastating 2022. The second collapse occurred with the SEC filing lawsuits against Binance and Coinbase this week. As Hayes previously noted, the cryptocurrency market will likely be in a bullish trend throughout 2024. The famous forecaster predicts that Bitcoin will recapture $70,000 by the November 2021 peak meanwhile.
Hayes’ 2024 expectation is based on the halving cycle that Bitcoin will perform this year. The market analyst draws attention to the halving event of BTC, emphasizing that the main rises will occur in the next year. cryptocoin.com In this article, we have included a detailed breakdown of his analyzes in a recent interview.
Crypto traders bet on horizontal momentum for the short term
Bitcoin’s price has seen a drastic surge in the past few months. However, in the last few days, BTC is expected to move sideways in the near future. This expectation has been made even more pronounced by the declining Volatility for Bitcoin. According to data from Glassnode, the metric has started to reach new lows. This shows that options markets expect Bitcoin to maintain price stability.
As for the behavior of investors, at the time of writing about 27,000 Bitcoin options were approaching their expiration date, with a 0.64 Exchange Rate. A Buy and Sell Ratio of 0.64 indicates a higher proportion of open call options, meaning that market sentiment is leaning towards price increase expectations.
Additionally, the maximum pain point value of these options is $26,500. The maximum pain point at $26,500 represents the price level at which option holders can experience the most significant financial losses. The expired options collectively have a notional value of $720 million, indicating a significant market share.
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For the rest of the article, Giant Estimator Collects From This Altcoin In Collapse!