Crypto Majors Crash 7-10%; Arthur Hayes Dumps HYPE & NEAR Positions
Bitcoin and other major cryptocurrencies suffered significant losses on Wednesday and overnight, with BTC falling 6% to $62,600, Ethereum dropping 6% to $1,750, and Solana declining 9% to $68.40. Unlike previous days, recent altcoin winners like HYPE, ZEC, NEAR, and VVV also experienced sharp declines of 10-20%. Arthur Hayes, former BitMEX CEO, announced on social media that he had sold his entire HYPE and NEAR positions, citing higher energy prices due to the Iran conflict, three upcoming AI IPOs, and a prediction that the market top is near, potentially between now and September. Meanwhile, Bitcoin ETFs saw 11 consecutive days of outflows, with $1.4 billion withdrawn this week alone. The local bottom for BTC is around $60,000, briefly hit on February 5. If that level doesn't hold, further declines are expected. In other news, Bitmine (BMNR) filed for a $300 million preferred stock raise modeled after Strategy's playbook, while MoonPay launched MoonAgents, allowing AI agents to trade crypto on behalf of users. Additionally, crypto scams related to the upcoming FIFA World Cup are heating up, with law enforcement warning of sophisticated, AI-generated phishing sites.
Key facts
- BTC fell 6% to $62,600; ETH down 6%; SOL down 9%.
- Altcoin winners HYPE, ZEC, NEAR, VVV dropped 10-20%.
- Arthur Hayes sold all HYPE and NEAR, citing macro top concerns.
- Bitcoin ETFs saw $1.4B outflows this week, 11 consecutive days.
- MoonPay launched MoonAgents for AI-driven crypto trading.