Arthur Hayes Buys More PENDLE, ETHFI, LDO, ENA After Dumping Over $5M ETH In Past 2 Weeks
BitMEX co-founder Arthur Hayes has bought more ETHFI, PENDLE, LDO and ENA after dumping over $5 million worth of ETH in the past two weeks as part of his ongoing allocation towards “high quality” decentralized finance (DeFi) tokens.
In an X post earlier today, on-chain analytics firm Lookonchain said that Hayes has sold a total of 1,871 ETH over the past fortnight.
Hayes Purchases PENDLE, LDO, ENA, And ETHFI Tokens
In its post, Lookonchain shared on-chain data from Arkham Intelligence. This data showed that Hayes bought another 358.671K ETHFI, 440.832K LDO, 274.127K PENDLE, and 4.827 million ENA in his latest batch of buys.
Recent purchases made by Hayes (Source: Arkham Intelligence)
Overall, Hayes now holds 961,113 PENDLE worth $1.75 million, 2.3 million LDO valued at $1.29 million, 6.05 million ENA valued at $1.24 million, and 491,401 ETHFI worth $343K since he dumped the more than $5 million in ETH on the market.
Hayes Sitting On Around $78M In USDC, Still Has Over 3K ETH Tokens
Following the latest purchases, the BitMEX co-founder’s portfolio stands at more than $78.255 million, the Arkham Intelligence data shows. Most of his portfolio is in the stablecoin USDC, with Hayes holding around $47.618 million in the token.
Despite the recent ETH selloffs, the altcoin leader still accounts for a large portion of his portfolio. The Arkham Intelligence data shows that Hayes still has around 3.16K ETH in his portfolio. At current prices, this is valued at $9.29 million.
If Hayes decides to sell more ETH, it could lead to additional pressure on the already-strained altcoin’s price. Over the past year, the crypto’s value has plummeted more than 11%, data from CoinMarketCap shows.
ETH was able to reach a new all-time high (ATH) of $4,953.73 on Aug. 24. However, it has since plunged over 39% to trade below the psychological $3K level as of 4:16 a.m. EST.
ETH Price Trying To Break Out Above Consolidation Channel
After dropping from its ATH, the ETH price has traded relatively flat in the past couple of weeks.
Daily chart for WETH/USD (Source: GeckoTerminal)
The altcoin has consolidated between $2,713 and $3,051 over the past two weeks, but is now trying to breach the upper barrier of the channel.
If ETH manages to overcome that obstacle, it could clear the room needed for the altcoin to rise to as high as $3,600 in the short term. Conversely, a rejection might lead to a continuation of the recent sideways trading.
Technical indicators such as short-term Exponential Moving Averages (EMAs), the Moving Average Convergence Divergence (MACD), and the Relative Strength Index (RSI) suggest a bullish scenario is more likely to play out in the next 24-48 hours.
Recently, the MACD line crossed above the MACD Signal line. The prior has also started to break away above the latter, which is a classic indication of strengthening bullish momentum.
The 9 and 20 EMAs support the view that momentum is leaning more bullish, as the shorter EMA attempts to cross above the 20 EMA. If the intersection happens, it could confirm a short-term bullish shift.
Lastly, the RSI has climbed steadily in recent days, signaling increasing buyer strength.
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