Hayes Denies Using X Influence to Create Exit Liquidity

BitMEX co-founder Arthur Hayes has denied allegations that he uses his large following on X to create exit liquidity for his own trades. The accusations were made by on-chain investigator ZachXBT, who claimed that Hayes promotes certain cryptocurrencies before selling his holdings and leaving followers with losses.

Hayes responded by saying that he never manages money for others or provides financial advice, and that his posts are simply about disclosing his personal investment decisions. He emphasized that readers can agree or disagree with his views and make their own independent investment choices.

Hayes also acknowledged that a significant percentage of his market predictions - around 70% to 90% - turn out to be wrong. However, he argued that successful investing does not require a high win rate, but rather allocating larger amounts of capital to ideas in which he has the highest conviction while limiting exposure to lower-confidence trades.

Hayes has recently resumed accumulating Ethereum after previously selling nearly 1,900 ETH last year to rotate capital into decentralized finance (DeFi) tokens. He purchased 1,400 ETH yesterday, bringing his wallet's holdings to 4,400 ETH valued at around $7.78 million.