Key Highlights:
- Arthur Hayes buys back ETH at over $4,150, just one week after selling at $3,507.
- The BitMEX co-founder moved $10.5 million USDC to repurchase Ethereum.
- Hayes previously warned of a potential crypto correction tied to macroeconomic headwinds.
- Over 1.03 million ETH worth $4.17 billion has been scooped up by institutions and crypto whales since July 10.
Arthur Hayes Re-Enters Ethereum Trade at Higher Prices
Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom Fund, has reversed course on Ethereum just a week after cashing out. On-chain data reveals Hayes offloaded 2,373 ETH — worth approximately $8.32 million — when Ethereum was trading at around $3,507. The move came ahead of Ethereum’s latest rally past $4,000.
In a surprising about-face, Hayes transferred $10.5 million in USDC on Saturday across multiple wallets, using the stablecoins to repurchase ETH at prices over $4,150, significantly above his prior sell point.
“Had to buy it all back, do you forgive me @fundstrat?” Hayes posted on X, tagging Tom Lee of Fundstrat Global Advisors. “I pinky swear, I’ll never take profit again,” he added — a tongue-in-cheek nod to his earlier exit.
Arthur Hayes’ Market Warning Still Stands
Just days earlier, Hayes issued a bearish crypto forecast, warning that Bitcoin (BTC) could slide back toward $100,000 and Ethereum (ETH) toward $3,000 due to macroeconomic uncertainty.
He cited:
- A weak July U.S. Non-Farm Payrolls report (only 73,000 jobs added),
- Rising fears of global tariffs, and
- Sluggish credit growth in key economies.
In response, Hayes liquidated over $13 million in crypto holdings, including:
- $8.32 million in ETH
- $4.62 million in Ethena (ENA)
- $414,700 in Pepe (PEPE)
Yet, with Ethereum continuing its sharp rally, Hayes appears to have reassessed — and re-entered.
Institutions Accumulate Over $4 Billion in Ethereum
Backing the bullish momentum, institutional investors and crypto whales have reportedly accumulated over 1.035 million ETH (worth $4.17 billion) since July 10, according to on-chain data from EmberCN.
The report highlights:
- ETH accumulation by unlabeled institutional wallets, likely tied to U.S. public companies.
- An average ETH acquisition price of approximately $3,546.
- A 45% ETH price increase from $2,600 to $4,000 within the month.
Notably, wallets affiliated with known entities like SBET were excluded, suggesting stealth accumulation by larger, less public-facing institutional players.
Ethereum Momentum Grows Amid Institutional Demand
The return of Arthur Hayes to Ethereum — at a premium — alongside billions in institutional accumulation, underscores renewed market confidence in ETH despite macro concerns.
While Hayes jokingly “pinky swore” to never take profits again, his latest move reflects what many traders and analysts are now calling a renewed Ethereum accumulation phase, driven by:
- Anticipated ETH ETF approvals,
- Growing L2 ecosystem adoption, and
- Ethereum’s appeal as a programmable store of value for institutional portfolios.
