Arthur Hayes transferred 18.1 million LOOKS to OKX amid rumors of a sell-off

According to on-chain platform Lookonchain, BitMEX co-founder Arthur Hayes deposited 18.1 million LooksRare (LOOKS) tokens, equivalent to $1.63 million, into OKX on December 21. In a recent post on June 3 to November 3, 2022.

The average price of LOOKS purchases during this period was $0.29 per token. According to Lookonchain, selling at this time would cost investors nearly $2.87 million, meaning a 64% loss on investment.

Last February, Lookonchain had provided a detailed analysis of Hayes’ LOOKS purchases, crediting him is the largest individual owner of LOOKS addresses. The blockchain analytics platform said he holds 17 million LOOKS worth $5.14 million. Further details note that Hayes purchased 10.68 million LOOKS using 1,786 ETH between August 24 and November 3, 2022, at an estimated cost of $2.76 million , where LOOKS sold for an average price of $0.258.

Lookonchain also reported that Hayes received 4.82 million LOOKS worth $1.67 million from FTX in June 2022, when the tokens sold at an average price of $0.347. Therefore, the analytics platform predicted that if Hayes transferred LOOKS to OKX for sale, he would suffer a significant loss. The value of the loss is calculated as LOOKS’s price as of today compared to the average purchase price of Hayes. At the time of writing, LOOKS trades for $0.089.

Lookonchain suspects Hayes may want to sell his LOOKS from the assumption that investors move tokens to centralized exchanges, which is to put them in an environment to easily sell or exchange for fiat or crypto currencies. another death.

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