Former BitMEX CEO and crypto entrepreneur Arthur Hayes made headlines today after revealing a series of bold bets on memecoins, signaling renewed confidence in the speculative sector. Hayes announced his optimism for memecoins via Twitter, backing up his statement by purchasing $250,000 worth of PEPE through Binance.
In a further show of confidence, Hayes purchased an additional 23.48 million ATH tokens, valued at $1.5 million, just one hour later. This marks a continuation of his buying spree, which began on August 15. Since then, he has accumulated a total of 116.63 million ATH tokens, spending $7.5 million at an average price of $0.0645.
Despite these moves, Hayes took a candid approach to his overall market performance. In a blog post published on Thursday, the former CEO disclosed that only 25% of his market predictions over the past year were correct. Out of eight major predictions made between November 2023 and September 2024, only two turned out as expected.
“So the Batting Average = .250. That’s pretty shit to the common man,” Hayes admitted, using a baseball analogy to describe his track record. His forecasts covered a wide range of financial markets, including U.S. Treasury bill issuance, banking crises, cryptocurrency prices, and central bank policies.
Despite struggles with short-term predictions, Hayes remains firm on his long-term outlook, grounded in his belief in a “volatility supercycle.” This theory suggests that ongoing market turbulence will ultimately benefit savvy traders and investors in the cryptocurrency space.
Notably, just last week, Hayes’ Maelstrom Fund made headlines for significantly reducing its exposure to the decentralized finance (DeFi) altcoin Pendle (PENDLE).
