Arthur Hayes, who claims that the altcoin season has begun, drew attention in the markets by making a significant amount of altcoin sales during the downturn.
Arthur Hayes, one of the leading figures in the crypto world, despite claiming that the altcoin season has started, recently executed a significant amount of sales. According to the on-chain data analysis platform Lookonchain, Hayes removed assets worth approximately $8.32 million consisting of 2,373 Ethereum (ETH), about $4.62 million worth of 7.76 million Ethena (ENA), and around $414,700 worth of 38.86 billion Pepe Coin (PEPE) from his wallet.
These sales have increased short-term bearish expectations in the market, while the actions of an experienced figure like Arthur Hayes moving towards selling have been interpreted by investors as a concerning sign. Particularly, the selling pressure on leading altcoins like Ethereum has led to questioning the expectations of an altcoin season.
Why is he selling altcoins?
Arthur Hayes recently stated that the altcoin markets would become active and that there are new opportunities in this area. However, these sudden sales suggested that Hayes might be realizing profits under current market conditions or preparing for a larger decline. Investors continue to closely monitor Hayes’ next moves.
