Arthur Hayes, renowned as the co-founder of BitMEX, has recently made a significant deposit of 18.1 million LOOKS tokens into the exchange OKX, as reported by Lookonchain. This transaction, executed on December 21, has garnered substantial attention within the crypto community.
It is noteworthy that Hayes had previously acquired 15.5 million tokens between June 3 and November 3, 2022, making purchases on both Uniswap and FTX. The average price of these acquisitions stood at $0.29 per token. Lookonchain highlights that if Hayes were to decide to sell at this juncture, he would face a considerable loss, estimated at around $2.87 million, representing a 64% loss on his investment.
— Lookonchain (@lookonchain) December 21, 2023
This isn’t the first analysis of Hayes’s activities in the LOOKS market. In February of the previous year, Lookonchain provided details about his earlier purchases, recognizing him as the largest individual holder of LOOKS addresses, possessing 17 million tokens valued at $5.14 million at that time. Hayes’s prior acquisitions involved obtaining 10.68 million tokens using 1,786 ETH between August 24 and November 3, 2022, at an estimated cost of $2.76 million when the average price owas $0.258.
If Hayes Sells His LOOKS Tokens, He Could Face Significant Losses
The recent transfer by Hayes to OKX involves a value of $1.63 million for the deposited 18.1 million LOOKS tokens. Lookonchain projects that, should Hayes decide to sell his LOOKS on OKX, he would incur a substantial loss. This projection is derived by comparing the current price of LOOKS, which stands at $0.0902 according to TradingView, with the average price of Hayes’s prior acquisitions.
The token transfer to OKX has sparked various speculations about Hayes’s intentions. The transfer of assets to centralized exchanges is often interpreted as a strategic move to facilitate selling or exchanging for fiat or other assets. In the absence of updates regarding Hayes’s movements, we will continue to closely monitor the situation, paying attention to how his decisions regarding his LOOKS holdings evolve and how this could influence the market.