Arthur Hayes, a well-known crypto investor and former CEO of BitMEX, has reportedly made a major purchase of the little-known altcoin Aethir (ATH), amounting to 11.4 million tokens, valued at approximately $779,000. This transaction was identified and by on-chain data analytics firm Lookonchain. According to the firm, the purchase was made on crypto exchange OKX.
Tracking Arthur Hayes on Etherscan | Source: X Lookonchain
Shortly after Hayes’ acquisition, another purchase was reportedly made by a whale. A different anonymous investor acquired 28.87 million ATH, worth around $1.95 million, across multiple exchanges including Bybit, KuCoin, and OKX, as per by Lookonchain.
This flurry of activity comes just three days after Hayes’ recent forecast in his latest essay, suggesting a potential upswing in the crypto market beginning in September 2024. Hayes stated, “In any case, I expect that crypto will exit its sideways-to-downward trajectory starting in September. As such, I will take advantage of this late northern hemispheric summer weakness to load up on crypto risk.”
Hayes didn’t name any specific altcoins he’s buying, but seemingly Aethir (ATH) is one of them. Discussing the broader market, Hayes expressed his anticipation for a resurgence in altcoins, contingent upon major cryptocurrencies like Bitcoin and Ether breaking significant price barriers.
He remarked, “Alt szn will return only after Bitcoin and Ether decidedly break through $70,000 and $4,000, respectively. […] The combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree.”
Crypto Newcomer: What Is Aethir (ATH)?
The Aethir (ATH) token is the native cryptocurrency of the Aethir network, integral to its decentralized GPU cloud infrastructure. ATH operates as a utility and governance token within the Aethir ecosystem, which is focused on providing decentralized cloud solutions for AI and gaming through its Distributed Proof of Infrastructure (DePIN) technology.
ATH tokens have several key uses. ATH is used to pay for services like renting GPU resources for AI processing and cloud gaming. Token holders can vote on various proposals affecting the network’s future. Moreover, ATH rewards participants in the network, particularly those who operate Checker Nodes and contribute GPU power through devices like the Aethir Edge.
The Aethir network emphasizes community participation and decentralization, aiming to distribute ATH tokens widely via mechanisms like airdrops and earning opportunities through the Aethir Cloud Drop campaign. This campaign allows community members to earn ATH by participating in activities that support network growth and engagement.
The token has a circulating supply of approximately 4.056 billion units, with a market cap of around $276 million. Thus, ATH is only the 215th largest cryptocurrency by market cap. In the last 24 hours, trading volume is quite elevated with $91.15 million, although it’s down -63%, ATH volume is still ranked 56th (24h).
At press time, ATH traded at $0.068059, down -4.6% in the last 24 hours.
ATH price, 1-day chart | Source:
Featured image from YouTube, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
Read more
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
