BitMEX founder Arthur Hayes has recently made significant changes to his cryptocurrency holdings, showcasing his confidence in specific support levels for Bitcoin.
Hayes has expressed his belief that Bitcoin is likely to find support within the $30,000 to $35,000 range. In response to this outlook, he has taken proactive measures to safeguard his investments and seize opportunities in the market.
To mitigate potential downside risks, Hayes disclosed his acquisition of $35,000 worth of Bitcoin options on March 29, 2024. This strategic move reflects a careful approach to prevailing market conditions and a preparedness to navigate potential volatility.
In alignment with his revised strategy, Hayes has also shared that he liquidated his trading positions in Solana and Bonk, even if it resulted in a modest loss. This decision appears to be part of a broader tactic to redistribute capital and effectively manage risk.
Looking ahead, Hayes has conveyed his intention to capitalize on market opportunities if Bitcoin experiences a dip below the $35,000 support level. This strategy involves strategically entering the market when it is perceived to be at the bottom of a price decline, positioning himself to benefit from potential upward movements.
