BEARISH 📉 : Arthur Hayes moves crypto assets to FalconX amid price drop

Arthur Hayes, co-founder of BitMEX, is moving his crypto holdings to a brokerage platform amid short-term market gains. This involves selling assets at lower prices than initially purchased.

Hayes transferred 327,869 PENDLE tokens to FalconX for approximately $502,000, acquired earlier at $2.06 per token.
3.59 million ENA tokens were also sent to FalconX, valued around $499,340, originally bought at $0.23 each.
Earlier, 2.31 million LDO tokens were transferred, worth $980,000, below the average buy price of $0.56.

These transactions could indicate potential spot sales or OTC executions. Hayes's ambiguous remarks on social media added market uncertainty.

The total crypto market cap rose by 2.5% to $2.64 trillion on Feb. 3. Bitcoin's correlation with the S&P 500 remains strong at 85%, with its dominance at 59.43%. The Altcoin Season Index fell from 32 to 29, showing a shift towards Bitcoin.

Bitcoin is trading 83% above its previous cycle high, while the TOTAL3 index, which excludes BTC and ETH, is only up by 6%.
Bitcoin has recovered about 730% from cycle lows compared to 300% for altcoins.

Market observers suggest that expectations for a broad altcoin rally might be overstated, but some believe a major altcoin rotation is forthcoming.