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BitMEX founder Arthur Hayes has made significant adjustments to his cryptocurrency portfolio, expressing his belief in certain support levels for Bitcoin.
BitMEX Founder Arthur Hayes Adjusts His Portfolio, Predicts Bitcoin Support Levels
Hayes stated that he believes Bitcoin will find support in the $30,000 to $35,000 range. In response to this perspective, it took a proactive stance to protect its investments and capitalize on potential market movements.
Hayes announced that he purchased $35,000 in options on Bitcoin on March 29, 2024, to hedge against potential downside risks. This strategic move demonstrates a cautious approach to market conditions and a readiness to manage potential volatility.
Hayes announced that he sold his trading positions in Solana and Bonk in line with his new strategy.
Although these positions were exited at a slight loss, this decision appears to be part of a broader strategy to reallocate capital and manage risk.
Hayes announced his intention to buy the dip if Bitcoin falls below the $35,000 support level.
This strategy involves strategically entering the market at what is perceived as the bottom of a price decline in order to take advantage of potential upside movements.
*This is not investment advice.