Hayes Suffers Second Major Loss on Ethereum with Another Buying High Selling Low Trade
Arthur Hayes, former CEO of BitMEX and well-known figure in the cryptocurrency space, has again displayed an inconsistent approach to his Ethereum investments. According to on-chain data from Lookonchain, he recently incurred a 5.3% loss after buying and selling ETH.
The recent trade involved Hayes depositing nearly 2,365 ETH into Cumberland and Galaxy Digital earlier today, receiving 4.3 million USDC in return. His selling price was $1,821, resulting in a loss of $241,000.
This is not the first time Hayes has lost on ETH by buying high only to sell low weeks later. In his previous major ETH trade, he accumulated at prices well over $1,900 after the token jumped to $1,950, but then sold off his stash at an average price of under $1,700 when it started to nosedive.