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Arthur Hayes Rebuys ETH Amid Price Rally and Swears Off Profit-Taking
Co-founder of BitMEX and popular cryptocurrency influencer Arthur Hayes has recently made a significant adjustment to his investment strategy, re-buying a substantial portion of the Ethereum (ETH) he previously sold amid the current price rally. In an unexpected turn of events, Hayes has also vowed to refrain from taking profits in the future.
As reported last week, Hayes sold a considerable amount of ETH for over $8 million worth, alongside other assets like PEPE and ENA holdings. At the time, he attributed this decision to his perception that the US Federal Reserve would not lower interest rates, which he believed was a bearish sign for the crypto market. He also warned of potential turbulence caused by Trump’s foreign policy.
However, the cryptocurrency market has taken an unexpected turn in the past few days alone, with numerous digital assets posting significant gains, including ETH. The second-largest cryptocurrency has broken past $4,000 and reached a new multi-year high of $4,200, representing a 20% increase within a week. This is starkly at odds with Hayes’ earlier predictions of a price drop to $3,000.
In response to the rapid price appreciation, Hayes took to Twitter once more to express his regret over selling ETH initially. He posted an Ethereum chart and extended an olive branch to Tom Lee, a prominent cryptocurrency analyst, requesting forgiveness for his earlier decision. Hayes also made a surprising promise, stating that he will no longer take profits in the future.
” Had to buy it all back, do you forgive me @fundstrat? I pinky swear, I’ll never take profit again,” Hayes tweeted, accompanied by an image of the Ethereum chart.
Hayes’ abrupt change of heart has sent shockwaves throughout the cryptocurrency community. While some investors may find his sudden reversion intriguing, others might view it as a sign of market volatility and unpredictability. It remains to be seen how this move will affect the investor’s reputation and influence within the space.
Source: cryptopotato.com
