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Cryptocurrency News Articles

Arthur Hayes: staking of USDe against the uncertainty of the USA elections

Oct 28, 2024 at 06:46 pm

The Maelstrom fund by Arthur Hayes has decided to invest 5% in USDe (Ethena USD) to protect itself from the uncertainty of the US elections.

Arthur Hayes: staking of USDe against the uncertainty of the USA elections

The Maelstrom fund, managed by the family office of BitMEX co-founder Arthur Hayes, has decided to allocate 5% of its funds in USDe (Ethena USD) as a hedge against the uncertainty surrounding the upcoming US presidential election.

Hayes explained the rationale behind the move in a recent blog post, highlighting the possibility of short-term market volatility depending on the election outcome.

While the fund is typically fully deployed in cryptocurrencies, the decision was made to temporarily shift a small portion into USDe, given its high yield and the potential for market coverage.

Hayes noted that the fund will sell the USDe after the election to buy cryptocurrencies again.

The move is intended to adjust the fund’s risk profile in response to the upcoming event, considering the high stakes and potential for differing market reactions.

Original source:cryptonomist

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