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Arthur Hayes Makes Big Moves: Here's Where His Money Is Going

Tue, 02/28/2023 - 08:33
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Arman Shirinyan
Prominent entrepreneur and influencer making moves that might act as signal for investors
Arthur Hayes Makes Big Moves: Here's Where His Money Is Going
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According to a PeckShield report, an address associated with Arthur Hayes, the former CEO of BitMEX, has bridged 137 ETH from Arbitrum and swapped them for 223,000 USDT, which is equivalent to around $1,632 per ETH. The same address then transferred 311,000 USDT to Binance within the last five hours.

This move from Hayes comes after he recently sold his BLUR holdings, which he had been promoting on Twitter. While it is unclear why Hayes made the move, the removal of funds from the Arbitrum network could be seen as a sign for all L2 investors.

The total value locked (TVL) in the Arbitrum network has been on the rise recently, which might indicate that Hayes' move has nothing to do with the general performance of the L2. However, the fact that he has moved such a large amount of funds out of the network could still raise some concerns.

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It is worth noting that the Arbitrum network has been gaining traction in recent months as more investors are looking for alternative Layer 2 solutions to Ethereum's high gas fees. Arbitrum is designed to enable fast and low-cost transactions on the Ethereum network, making it an attractive option for those looking to avoid high transaction fees.

While it is unclear what Hayes' intentions are with these moves, it is clear that he remains a prominent figure in the crypto space. Hayes stepped down as CEO of BitMEX in 2020 after he was charged with violating U.S. anti-money laundering regulations.

Hayes' move to transfer funds from the Arbitrum network could be a sign for all L2 investors to reevaluate their positions. It is unclear what his intentions are, but the move could indicate that he sees potential risks or opportunities on the market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.