Arthur Hayes, the co-founder of BitMEX and known for his astute market trades, has recently increased his holdings of Hyperliquid (HYPE), Ethena (ENA), and Lido (LDO), on-chain data shows. The move comes as on-chain metrics of tokens like Hyperliquid and Ethena reach record highs even as the technical outlook remains mixed.
Bitcoin (BTC) is attempting a recovery toward the pivotal $120,000 level, trading above $119,000 on Friday. The sell-off spread in the broader cryptocurrency market on Thursday occurred after July’s US Producer Price Index (PPI) data came in hotter than expected, casting doubts on the possibility of the Federal Reserve (Fed) cutting rates in September.
The crypto market is clearly struggling to move upwards, as historic highs are also attracting sellers. On Friday morning, the total capitalisation of cryptocurrencies stood at $4.03 trillion, reflecting a 3.4% decline over 24 hours. Although this is unpleasant for bulls, it looks like a necessary correction to let off steam while the market remains above the July highs of $3.90-3.95 trillion, a break below which would signal a trend reversal.