Arthur Hayes Re-Enters Ethereum at Higher Price, Pledges to Hold Indefinitely
Former BitMEX chief reverses $8.3M ETH sale within a week, amid $4.17B institutional buying spree
Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund, has repurchased Ethereum (ETH) just one week after selling a substantial stake—at a higher price.
On-chain records show Hayes sold 2,373 ETH, valued at $8.32 million, when the token traded near $3,507. That move came before Ethereum’s sharp rally this month.
Over the weekend, Hayes transferred $10.5 million in USDC across multiple transactions to buy ETH at prices above $4,150, significantly higher than his original selling price.
In a post on X, Hayes wrote:
“Had to buy it all back, do you forgive me @fundstrat? I pinky swear, I’ll never take profit again,”
tagging Tom Lee, co-founder and head of research at FS Insight.
Earlier Warning Turns to Reversal
Just last week, Hayes warned of a potential crypto market downturn, citing weak macroeconomic indicators. Following the July Non-Farm Payrolls report, which showed only 73,000 new U.S. jobs, he forecast Bitcoin could drop to $100,000 and Ether to $3,000.
To prepare, he sold more than $13 million in cryptocurrency, including $8.32 million in ETH, $4.62 million in Ethena (ENA), and $414,700 in Pepe (PEPE).
Institutional Buying Hits $4.17 Billion
Despite Hayes’ earlier caution, Ethereum’s rally has been fueled by large-scale institutional buying. Since July 10, more than 1.035 million ETH—worth about $4.17 billion—has been acquired by a cluster of whales and institutional investors, according to data from EmberCN.
The buying spree helped drive Ethereum from $2,600 to $4,000 in under a month, a 45% gain. The average purchase price for these holdings is estimated at $3,546.
EmberCN believes most of the accumulation is from institutions or U.S. public companies building ETH reserves, excluding entities with publicly known addresses such as SBET.
Source: EmberCN
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