Believing in Altcoin Season, Arthur Hayes Bet on Three Tokens

Co-founder BitMEX Arthur Hayes has placed his bets on the upcoming altcoin season. An analysis of on-chain data from Arkham Intelligence has shown that wallets linked to Hayes have significantly increased their altcoin holdings, particularly in Ethereum (ETH) Lido DAO (LDO) and Pendle (PENDLE).

Hayes currently holds a total of 1980 ETH and 1160 Wrapped ETH (WETH) in his wallets, worth about $13,8 million. His assets are in Lido DAO (LDO) consists of 425,000 tokens (worth about $633,000) and 184 PENDLE tokens (worth about $600).

Arkham Data

As a result, the total value of his altcoins portfolio exceeded $15,4 million. We should add that his wallets also contain almost $10 million in USDC.

The altcoin market is currently showing little growth, but the assets selected by Hayes are showing greater returns.

Price Lido DAO (LDO) has risen more than 15% in the last 24 hours to $1,48. Over the week token added 59%, resulting in Altcoyin mid-cap hits six-month high.

Pendle (PENDLE) has also seen impressive gains, rising more than 32% in the last week to trade at $5,34. token is poised to retest the critical resistance level in the $6,90 region, which has been a major selling area over the past 12 months.

Hayes’ position is partly supported by macroeconomic factors such as the expansion of cryptocurrency regulation in the US and the gradual decline of Bitcoin’s market share (58,6% according to CoinGecko).

CoinGlass Data

Despite the fact that altcoin season index rose to 41, it is still far from the 75+ level that signals a real rally in altcoins.

CryptoQuant Data

In addition to Hayes, analyst Michael van de Poppe is also investing in alternative coins, and he recently published list of 8 altcoins, which have growth potential.

Source