- According to Lookonchain, Arthur Hayes deposited 18.1 million LOOKS to OKX on Thursday.
- Hayes bought 15.5 million LOOKS from Uniswap and FTX, between June 3 and November 3, 2022.
- Lookonchain noted that selling at this time would see Hayes lose nearly $2.87 million.
According to the smartmoney on-chain platform, Lookonchain, Arthur Hayes, the co-founder of BitMEX, deposited 18.1 million LooksRare (LOOKS) tokens, equivalent to $1.63 million, on OKX on Thursday, December 21. In a recent post on X (formerly Twitter), the smartmoney platform noted that the BitMEX co-founder bought 15.5 million LOOKS, equivalent to $4.5 million from Uniswap and FTX, between June 3 and November 3, 2022.
The average price of Hayes’ LOOKS purchases over the stated period was $0.29 per token. According to Lookonchain, selling at this time would see the investor lose nearly $2.87 million, translating to a 64% loss on the investment.
Last February, Lookonchain provided a breakdown of Hayes’ LOOKS purchases, recognizing him as the largest individual LOOKS address holder. The blockchain analytics platform noted that he held 17 million LOOKS worth $5.14 million. Further details showed that Hayes bought 10.68 million LOOKS using 1,786 ETH between August 24 and November 3, 2022, at an estimated cost of $2.76 million, when LOOKS sold for $0.258 on average.
Lookonchain also reported that Hayes received 4.82 million LOOKS worth $1.67 million from FTX in June 2022, when the token sold at an average price of $0.347. Hence, the analytics platform projects that if Hayes’ LOOKS transfer to OKX is to sell, he would record a significant loss. The value of the loss is calculated using LOOKS’ price as of today, compared to the average price of Hayes’ purchases. At press time, LOOKS sold for $0.0902, according to data from TradingView.
Lookonchain’s suspicion that Hayes might want to sell his LOOKS holding stems from the assumption that when investors transfer crypto tokens to centralized exchanges, it is to bring them into an environment for easy selling or exchange for fiat or other crypto assets.
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