Key Notes
- Hayes transferred 327,869 PENDLE at $1.53 after buying near $2.06.
- The address sent 3.59 million ENA at $0.14, down from an entry point of $0.23.
- Hayes also deposited 2.31 million LDO at $0.42, below his reported $0.56 entry.
BitMEX co-founder Arthur Hayes is transferring his crypto holdings to a brokerage platform, despite short-term gains in the broader market.
On-chain data shows that all of these transfers involve assets acquired at higher price levels and now moved at lower market prices.
Hayes recently transferred 327,869 PENDLE
PENDLE
$1.53
24h volatility:
4.2%
Market cap:
$249.24 M
Vol. 24h:
$47.10 M
tokens, worth around $502,000, to crypto prime broker FalconX at an average price of $1.53.
Interestingly, Hayes previously acquired around 1.4 million PENDLE at a higher price of $2.06.
The same address also sent 3.59 million ENA
ENA
$0.14
24h volatility:
0.5%
Market cap:
$1.10 B
Vol. 24h:
$130.08 M
tokens to FalconX, valued near $499,340 at a price of $0.14.
This comes after an earlier purchase of about 15.8 million ENA at roughly $0.23 per token.
Earlier on Feb. 3, Hayes deposited 2.31 million LDO
LDO
$0.41
24h volatility:
1.7%
Market cap:
$351.25 M
Vol. 24h:
$31.11 M
tokens to FalconX, worth around $980,000 at the time of transfer.
LDO was trading near $0.42 during the move, below his reported average buy price of $0.56 for the full position.
Onchain Lens stated that further transfers may follow. Transfers to brokers often lead to spot sales, but they are also widely used for OTC execution or hedging.
Hayes commented on the FalconX activity with an ambiguous social media post. He said that the transfer might be finished, or perhaps not, which added to market uncertainty.
What’s Next for Altcoins?
The transactions come as the total crypto market cap rose 2.5% on Feb. 3 to $2.64 trillion.
Market data shows an 85% correlation between Bitcoin
BTC
$78 410
24h volatility:
1.0%
Market cap:
$1.57 T
Vol. 24h:
$60.23 B
and the S&P 500 and points to a shared response to interest rate expectations.
Bitcoin dominance currently sits at 59.43%, while the Altcoin Season Index fell from 32 to 29 in the past day. This shows continuous capital rotation toward BTC.
Bitcoin is trading about 83% above its prior cycle high, while the TOTAL3 index, which tracks altcoins excluding BTC and ETH
ETH
$2 296
24h volatility:
0.2%
Market cap:
$277.01 B
Vol. 24h:
$36.99 B
, is only around 6% above its own.
From cycle lows, Bitcoin has recovered roughly 730%, compared with about 300% for TOTAL3.
Some market observers argue that expectations of a broad altcoin rally may be overstated. However, many believe that the market is at the origin of a massive, delayed altcoin rotation.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/arthur-hayes-transfers-millions-in-pendle-ena-ldo-to-falconx-what-it-means-for-altcoins/
