Arthur Hayes Acquires 17 Million LOOKS Tokens
Investing and trading in any form always entails risk, therefore, it’s crucial to conduct thorough research prior to making any investment decisions.
BitMEX Founder Emerges as Major Holder of LOOKS Tokens
Arthur Hayes, the founder of BitMEX and a renowned cryptocurrency trader, has become the biggest individual owner of the LOOKS token with 17 million LOOKS worth $5.14 million. Between August 24, 2022, and November 3, 2022, Hayes acquired 10.68 million LOOKS tokens at an average price of $0.258, spending 1,786 ETH or $2.76 million in total. In June 2022, he received another 4.82 million LOOKS tokens valued at $1.67 million at the time, with an average acquisition price of $0.347, from FTX.
LOOKS: A Utility Token with a Purpose
LOOKS is a utility token of LooksRare, a community-driven NFT marketplace aimed at rewarding traders, collectors, and creators. With the NFT market still in an unsteady state, Hayes’ acquisition of such a substantial amount of tokens speaks to his optimistic outlook on the future of the NFT market and confidence in its eventual recovery.
Hayes Expresses Positive Sentiment for Alternative Cryptocurrencies
Hayes has previously voiced his positive views on alternative cryptocurrencies, including GMX and LOOKS. The performance of these assets, as seen in the price performance of both Looks and GMX, suggests that Hayes’ choices were indeed accurate as he still profits from both investments, as per the on-chain data. During the recent market recovery, the NFT market, including LooksRare and OpenSea, witnessed a modest upturn due to increasing risk tolerance among investors and growing demand for relatively volatile NFTs.