Ethereum’s recent rally has lured BitMEX co-founder Arthur Hayes back into the market just a week after he cashed out millions in profits.
Blockchain data shows Hayes previously sold more than 2,300 ETH for around $8.3 million when the asset traded near $3,500, locking in gains ahead of the latest price surge. Over the weekend, he reversed course, moving $10.5 million in USDC onto exchanges and buying Ethereum above $4,150 — well above his earlier sell price.
Joking about the move on X, Hayes asked followers for forgiveness, promising not to take profits again, and tagging Fundstrat’s Tom Lee in the post.
The buyback comes despite Hayes recently warning that macroeconomic headwinds — from slowing credit growth to renewed tariff concerns — could drag Bitcoin toward $100K and Ethereum to the $3,000 range. That caution had prompted him to unload over $13 million in crypto holdings, including stakes in Ethena and Pepe.
Hayes’ pivot mirrors a broader trend of renewed bullish momentum across the Ethereum market, with traders seemingly undeterred by recent volatility. Some analysts suggest the surge in whale accumulation could be linked to expectations around Ethereum staking yields, layer-2 growth, and the increasing role of ETH in tokenized real-world asset projects.
Meanwhile, institutional appetite for ETH remains strong. Since mid-July, whales and professional investors have scooped up more than 1 million ETH, valued at roughly $4.17 billion, through exchanges and over-the-counter platforms, according to EmberCN. This steady inflow hints that larger players may be positioning ahead of potential catalysts, including regulatory clarity on staking products and broader adoption in traditional finance.
