Arthur Hayes, a well-known cryptocurrency investor and former CEO of BitMEX, reportedly made a immense purchase of the little-known altcoin Aethir (ATH) to the tune of 11.4 million tokens, worth around $779,000. The transaction was identified and reported by on-chain data analytics firm Lookonchain. According to the company, the purchase was made on cryptocurrency exchange OKX.
Shortly after Hayes’ acquisition, the whale reportedly made another purchase. Another anonymous investor acquired 28.87 million ATH, worth about $1.95 million, on multiple exchanges, including Bybit, KuCoin, and OKX, according to data by Lookonchain.
This flurry of activity comes just three days after Hayes’ recent prediction in his latest essay suggesting a potential uptick in cryptocurrency starting in September 2024. Hayes stated, “In any case, I expect cryptocurrencies to break out of their sideways trajectory and into a bearish one starting in September. As such, I’ll be taking advantage of this late summer weakness in the Northern Hemisphere to load up on crypto risk.”
Hayes did not mention any specific altcoins he is buying, but Aethir (ATH) is apparently one of them. Discussing the broader market, Hayes expressed his expectation for a resurgence of altcoins, provided that major cryptocurrencies like Bitcoin and Ether break through significant price barriers.
He noted that “the altcoin will only return once Bitcoin and Ether decisively break above $70,000 and $4,000, respectively. […] The combination of a Bitcoin and Ether rally inspired by dollar liquidity will set a solid foundation for the return of a sexy shitcoin night later this year.
Cryptocurrency Newbie: What is Aethir (ATH)?
Aethir Token (ATH) is the native cryptocurrency of the Aethir network, an integral part of its decentralized GPU cloud infrastructure. ATH acts as a utility and governance token in the Aethir ecosystem, which focuses on providing decentralized cloud solutions for AI and gaming via Distributed Proof of Infrastructure (DePIN) technology.
ATH tokens have several key uses. ATH is used to pay for services such as renting GPU resources for AI processing and cloud gaming. Token holders can vote on various proposals that affect the future of the network. Additionally, ATH rewards participants in the network, especially those who run Checker nodes and contribute GPU power via devices such as the Aethir Edge.
The Aethir Network emphasizes community participation and decentralization, aiming to widely distribute ATH tokens through mechanisms such as airdrops and earning opportunities through the Aethir Cloud Drop campaign. This campaign allows community members to earn ATH by participating in activities that support the development and engagement of the network.
The token has around 4.056 billion units in circulation and a market capitalization of around $276 million. ATH is therefore only the 215th largest cryptocurrency by market capitalization. Over the past 24 hours, the trading volume is quite high at $91.15 million, although it is down -63%, the ATH volume still ranks 56th (24h).
At the time of going to press, ATH stock was trading at $0.068059, down 4.6% over the last 24 hours.
Featured image is from YouTube, chart is from TradingView.com
