BitMEX co-founder Arthur Hayes has revealed his cryptocurrency investment strategy for May. This announcement comes amidst the ongoing market recovery, which has further fueled speculations.
Arthur Hayes' May Cryptocurrency Picks
Arthur Hayes, the co-founder of BitMEX, likened the recent turmoil to a necessary cleansing. He observed panic among investors since the mid-April crisis, with some declaring that their "crypto days are over."
In particular, Hayes predicted this market correction due to factors such as the U.S. tax season, uncertainty over Fed actions, and the Bitcoin halving. He also believes that this phase will weed out the "tourists" and highlight the resilience of crypto enthusiasts who will return when the market recovers.
However, in his article titled "Mayday," Arthur Hayes summarizes his cryptocurrency investment strategy for the upcoming month. Despite the recent market turbulence, Hayes maintains a bullish stance on the crypto market, emphasizing the resilience of major assets like Bitcoin and Ether. He dismisses concerns about short-term price fluctuations, attributing them to factors like the U.S. tax season and uncertainty over Fed actions. Hayes advocates for accumulating Bitcoin and Ether as long-term reserve assets while also expressing interest in high-beta altcoins.
Among the other altcoins Hayes favors are Solana (SOL), Dogecoin (DOGE), and especially Dogecoin. His investment thesis revolves around gradually injecting liquidity into the market, believing it will act as a buffer against downward price pressure and pave the way for a gradual uptrend.
Buy in May, Go Away Strategy
Under the subtitle "Buy in May, Go Away!" Arthur Hayes emphasizes the importance of capitalizing on market opportunities during the summer months. He plans to take advantage of the increased interest in selected altcoins following the recent market correction.
Meanwhile, the co-founder of BitMEX stated that he considers Dogecoin and Solana for "momentum trading positions" and will bet on Pendle for long-term positions. Arthur Hayes particularly highlights the need for strategic investments and hints at adopting a more interventionist approach that allows the market to reflect the inflationary effects of the latest U.S. monetary policies after positions are established.
In terms of his favorite price predictions, Bitcoin's price rose by 2.49% to $59,313.29, with a trading volume of $29.57 billion, down by 29.21%. Ethereum's price increased by 1.38% to $2,978.46, while Solana's price rose by 3.91% to $138.24.
Simultaneously, WIF's price changed hands at $2.76, up by 4.10%, while the leading meme coin Dogecoin's price increased by 3.84% to $0.133. Pendle, where Arthur Hayes placed his long-term bets, saw its price rise by 7.91% to $4.59.