Arthur Hayes' Trading Strategy Exposed: Selling Low, Buying High

The reputation of Arthur Hayes, co-founder of BitMEX and well-known crypto commentator, has taken a hit. An analysis of his on-chain transactions shows that he sold low and bought high repeatedly, resulting in significant losses.

The study, conducted by BeInCrypto, looked at the wallets attributed to Hayes over a period of two years and eight months. The results were striking: out of 124 trades, 25 resulted in losses, while only 15 ended in gains.

The worst performance came from ETH, which lost around $2.04 million, followed by SYN with a loss of $1.41 million. However, one token stood out as an exception: ENA, the governance token of Ethena, where Hayes is an adviser and token holder.

Hayes's wallets made significant profits on ENA trades, generating millions in profit. In fact, his ENA buys were followed by an average 30% outperformance within a month, while his ENA sells preceded 22% underperformance.