Arthur Hayes transferred 18.1 million LooksRare tokens to OKX. Will there be a dump?

On Thursday, December 21, BitMEX co-founder Arthur Hayes sent 18.1 million LooksRare (LOOKS) tokens worth $1.63 million to OKX, according to on-chain platform Lookonchain.

The platform's social media account X notes that the BitMEX co-founder bought 15.5 million LOOKS worth $4.5 million on Uniswap and FTX from June 3 to November 3, 2022.

Last February, Lookonchain recognized Hayes as the largest owner of individual LOOKS addresses, as he had 17 million LOOKS worth $5.14 million.

10.68 million LOOKS were purchased for 1,786 ETH between August 24 and November 3, 2022 at an estimated cost of $2.76 million, while LOOKS were sold for an average of $0.258.

The average purchase price of LOOKS tokens by Hayes for the specified period was $0.29 per token. According to Lookonchain, selling them in the near future will result in the investor losing almost $2.87 million, or 64% of the initial investment.

Lookonchain's suspicions about Arthur Hayes selling his LOOKS are based on the belief that moving assets to centralized exchanges facilitates their rapid sale.