1/— Arthur Hayes (@CryptoHayes) August 19, 2022
Ouchie. Time to do some thinking.
Are you trading a medium to long-term fundamental thesis?
Or are you trading short-term price action? pic.twitter.com/HDrqlqgTAJ
Hayes believes that only those whose investment thesis has changed dramatically should leave the market. Giving the example of Ethereum and The Merge, he stated that if the long-awaited event is canceled for any reason, it will make him worry about his position. Since this is not the case, and The Merge is still planned for the next few weeks, Hayes still believes in Ethereum and suggested that “it might be time to go shopping.”
The BitMEX co-founder looks optimistic about The Merge, which will move Ethereum from energy-hungry PoW to greener PoS. In a recent post, Hayes said he believes there could be a sell-the-news moment, meaning that the price could retrace in the short term, but it would be ultimately positive for long-term investors.
“If the merge is successful… traders will buy ETH today, knowing that the higher the price goes, the more the network will be used and the more deflationary it will become, driving the price higher, causing the network to be used more, and so on and so forth,” he explained. “This is a virtual circle for bulls.”
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