Arthur Hayes of BitMEX Thinks 2019 Will Be the ‘Year of Reckoning’ for Top ICO Tokens
According to BitMEX’s latest newsletter, there are around 12 ICO projects that have been able to raise more than USD $50 million but are yet be listed on any known “secondary crypto exchanges”.
To be more specific, the tokens that were enumerated in the aforementioned newsletter include Telegram, Filecoin, DFINITY, Polkadot, tZero, Basis, Orchid Protocol, Rootstock, Algorand, Cosmos, Oasis Labs.
In this regard, Arthur Hayes, the CEO of BitMEX was noted as saying:
“These deals have massive valuations, and many of the most venerated token funds took down large chunks. It is unclear when, if ever, these deals will ever list on the secondary market.”
More On The Matter
Quite recently, Hayes provided a commentary on the state of the crypto market right now as well as acknowledged that most (or nearly all) of the aforementioned token offerings do not really possess any real value of their own. Add to this, the fact that the federal government is currently cracking down on the ICO space, Hayes said that:
“Given the large amount of token supply out there, who will buy this shit?”
However, the answer to this question essentially is that some of the above listed altcoins will be required by development teams such as Rootstock etc.
In rounding out this article, we can see that when looked at closely, the token analysis of ICOs done by BitMEX has also found that a majority of the projects that raised a large amount of money initially, have already sold a majority of their Ether tokens (with only a total of about 25% still remaining in the possession of the dev firms).