BitMEX co-founder Arthur Hayes told LooksRare (LOOKS) looks like he’s about to make a big loss on his investment.
The cryptocurrency market’s fluctuations cause even experienced names like Arthur Hayes to make wrong decisions. Hayes, the founder and former CEO of BitMEX, is currently at a loss, according to on-chain data. Between June and November last year, a wallet address tagged as belonging to Hayes purchased 15.5 million LOOKS worth approximately $4.5 million at an average price of $0.29.
However, the decline in the altcoin price resulted in a low of $0.14 in late 2022. Although there has been a recovery in the market in the meantime, LOOKS has now fallen to $0.09. Although it was designed based on the NFT market, it could not even benefit from the revival in the NFT market.
Hayes recently transferred these tokens to the OKX exchange. If he sells these assets, he will suffer a significant loss of $2.87 million, or 64%. will.
Arthur Hayes(@CryptoHayes) deposited all 18.1M $LOOKS($1.63M) to #OKX 2 hours ago
Arthur Hayes bought 15.5M $LOOKS ($4.5M) from #Uniswap oath #FTX at an average price of $0.29 from Jun 3 to Nov 3, 2022.
NEWS CONTINUES BELOWIf he sells, he will lose ~$2.87M(-64%)!https://t.co/NyXir9fdDq pic.twitter.com/czwhoMhO7P
— Lookonchain (@lookonchain) December 21, 2023
It’s unclear at this point whether Arthur Hayes will continue to liquidate his LOOKS position. However, if this were to happen, it would represent a loss of confidence for investors holding the token, given the BitMEX founder’s prestigious status in the crypto community.