The most remarkable performance was seen in Zcash ($ZEC). $ZEC, which Hayes reportedly sold for around $390, reached $1,220 in the comparison, showing an increase of over 200 percent. Worldcoin ($WLD), on the other hand, rose from $0.41 to $0.58, gaining approximately 40 percent in value.
Arthur Hayes First Gave a $150 Target, Then Sold the Hype
Among Hayes’ past projects, Hyperliquid was one of the most controversial.
The renowned investor argued on June 1st that $HYPE would outperform all cryptocurrencies in the top 10 by market capitalization by the end of the year. Hayes had also previously shared a price target of $150 for $HYPE by August.
However, just three days after these optimistic statements, on June 4th, $HYPE announced that it was closing its entire position.
Similarly, although Hayes described $HYPE, $ZEC, and $NEAR as the “holy trinity” of the cryptocurrency market on May 22, he closed his positions in all three assets by June 5.
The $ZEC sell-off was triggered by a security vulnerability related to Zcash’s Orchard privacy pool. Following this development, the $ZEC price experienced a sharp decline, and Hayes sold off his assets, citing technical risks.
A similar scenario unfolded with Worldcoin. Hayes decided to sell just one day after stating that he would continue holding $WLD during SpaceX’s IPO process.
Following these developments, on-chain researcher ZachXBT accused Hayes of using his followers as exit liquidity for his own sell-offs. This assessment was based on the contradiction between Hayes’s publicly delivered bullish messages and the sell-offs he subsequently carried out.
On the other hand, it was reported that a wallet linked to Hayes repurchased $2 million worth of $HYPE at approximately $59 on June 8th. The fact that $HYPE rose to $97.96 in September also reignited discussions about the timing of the investor’s transactions.
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Now They’re Selling Ethereum, $ENA, and $UNI
In his latest statement on October 24, Hayes confirmed that investment firm Maelstrom had closed all positions in its directional trading portfolio.
While Ethereum ($ETH), Ethereum ($ENA), and Uniswap ($UNI) accounted for the largest portion of the approximately $22.28 million in transactions, Hayes stated that he believes the market may fall again before rising due to macroeconomic and geopolitical uncertainties.
However, $ETH and $ENA prices are hovering near the levels where the recent sell-off occurred. Therefore, it’s too early to assess whether Hayes is exiting at the right time this time.
*This is not investment advice.
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