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Crypto investors and traders are repositioning amid prevailing broader bearishness.

BitMEX’s ex-CEO and co-founder, Arthur Hayes, continues to adjust his portfolio.

Hayes reduced his exposure over the weekend by selling 96,628 HYPE coins, worth about $5.1 million.

Hayes has redeployed his proceeds today. Lookonchain highlighted that the billionaire spent $374,999 USDC to buy 1,630 AAVE tokens a few hours ago.

Arthur Hayes(@CryptoHayes) just spent 374,999 $USDC to buy 1,630 $AAVE at $230. etherscan.io/address/0x6cd6…

The transaction has gained attention from cryptocurrency analysts and traders, with many digesting the reasons behind the swap.

Whale movements are vital in gauging broader market sentiments.

AAVE has turned bullish after the revelation, up over 3% on its daily timeframe to trade at $275 during this publication.

Hype has seen significant volatility in recent weeks, gaining traction due to its impressive rallies.

It broke key resistance with substantial surges from $42 early this month to an all-time high of $58 on September 18.

The remarkable run prompted analysts to forecast massive rallies for the asset.

Hayes even forecasted a 126x surge for HYPE, citing Hyperliquid’s potential to dethrone Binance.

However, the BitMEX co-founder exited his position after a month.

He emphasized looming token unlocks that could magnify selling pressure with the Hyperliquid ecosystem in the coming months.

Meanwhile, switching to AAVE possibly reflects Hayes’ new approach to align with blue-chip DeFi protocols.

AAVE is a leading borrowing and lending platform, boasting over $41 billion in total value locked (TVL).

The blockchain even integrated Ripple’s compliant RLUSD stablecoin to ensure streamlined offerings.

While the accumulation could be small compared to the altcoin’s trading volume, Hayes’ purchase renewed sentiments in AAVE.

The transaction indicated appetite for DeFi blue chips. Aave is exchanging hands at $275, up 3.06% on the daily timeframe.

While Hayes’ purchase doesn’t guarantee extended price growth, it might act as a reference for other Whales planning similar reallocations.

On the other hand, HYPE maintained a bearish bias today.

Hyperliquid’s native token has lost nearly 4% in the past 24 hours to hover at $47.41.

Dwindled sentiments after Hayes’ contractions and dump contribute to Hyperliquid’s downsides.

Further, the DEX faces intense competition as Binance’s Aster (ASTER) gains unmatched momentum to democratize the derivatives market.

Meanwhile, Hayes’s transactions remind us of the dangers of following influencers when investing in cryptocurrencies.

Most individuals likely invested in HYPE after the billionaire’s bullish bet.

However, the BitMEX co-founder exited his position within a month, leaving holders confused about the alt’s future performance.

Was he promoting HYPE to his followers before using them as exit liquidity?

The best thing is researching before venturing into any digital token.  

The post Arthur Hayes invests $375K into AAVE after offloading Hyperliquid’s HYPE appeared first on Invezz

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