Arthur Hayes, a well-known cryptocurrency investor and former CEO of BitMEX, reportedly made a large purchase of the little-known altcoin Aethir (ATH), worth 11.4 million tokens, for an approximate value of $779,000. The transaction was identified as Reported By on-chain data analytics firm Lookonchain. According to the company, the purchase was made on the OKX cryptocurrency exchange.
Shortly after Hayes’ acquisition, another whale purchase was reportedly made. Another anonymous investor acquired 28.87 million ATH, worth around $1.95 million, across multiple exchanges including Bybit, KuCoin, and OKX, according to Data Written by Lookonchain.
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This wave of activity comes just three days after Hayes’ recent predictions in his latest article, which suggested a potential crypto bull run starting in September 2024. “In any case, I expect crypto to break out of its sideways to bearish trajectory starting in September. As such, I would take advantage of this Northern Hemisphere summer weakness to increase crypto risk,” Hayes stated.
Hayes didn’t mention any specific altcoins he’s buying, but Aethir (ATH) appears to be one of them. In discussing the broader market, Hayes expressed his anticipation for altcoins to make a comeback, provided major cryptocurrencies like Bitcoin and Ether break through significant price barriers.
He noted that “Alt szn will only return after Bitcoin and Ethereum are able to break the $70k and $4k levels respectively. (…) The combination of Bitcoin and Ethereum’s dollar-liquidity-inspired rally through the end of the year will create a strong foundation for a hot shitcoin party to come back.”
Newcomer to the Crypto World: What is Aethir (ATH)?
Aethir (ATH) is the native cryptocurrency of the Aethir Network, and is an integral part of the decentralized GPU cloud infrastructure. ATH serves as a utility and governance token within the Aethir ecosystem, which focuses on providing decentralized cloud solutions for AI and gaming through distributed proof-of-stake (DePIN) infrastructure.
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ATH tokens have several primary uses. ATH tokens are 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. Furthermore, ATH rewards network participants, especially those who run Checker nodes and contribute GPU power through devices such as the Aethir Edge.
Aethir Network emphasizes community engagement and decentralization, and aims 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 tokens by participating in activities that support network growth and engagement.
The circulating supply of the token is around 4.056 billion units, with a market cap of around $276 million. Thus, ATH is the 215th largest cryptocurrency by market cap. In the last 24 hours, the trading volume has increased significantly with $91.15 million, despite the -63% decrease, ATH volume still ranks 56th (24 hours).
At the time of publishing, ATH was trading at $0.068059, down -4.6% in the last 24 hours.
Featured image from YouTube, chart from TradingView.com