Following the most recent declines in the crypto markets, Arthur Hayes suggested that it could be a good time to buy.
Bitcoin and Ethereum slumped by double-digit percentages weekly after tapping multi-month highs last weekend. This resulted in over $150 billion gone from the entire market cap.has returned to a state of fear, but BitMEX’s co-founder – Arthur Hayes – believes this retracement could be an opportunity to stack up.
If they are here for the short-run, then the price action is “ugly.” In the opposite situation, “it could mean you read the market wrong.” In this case, investors have three options, according to Hayes – to “cover, sit tight, or add more.” He believes that only those who had their investment thesis changed fundamentally should leave the market. Giving an example with Ethereum and
, he asserted that if the long-anticipated event gets canceled for some reason, that will make him worried about his position.Since this is not the case, and the Merge is still scheduled to undergo in the next several weeks, Hayes remains a believer in the second-largest blockchain protocol and suggested that “it might be time to go shopping.”If something critical happened to decrease the probability of a successful merge, I would expect the ETH/BTC cross to fall much lower than 0.