On-chain data shows Hayes spent $10.5M USDC to reenter ETH at a higher price than he sold.
Arthur Hayes, co-founder of BitMEX, has made a swift return to Ethereum, and at a higher price, just days after offloading millions worth of the asset while warning it could slide to $3,000.
Earlier this month, Hayes liquidated a sizable chunk of his Ethereum holdings, selling 2,373 ETH valued at about $8.32 million at the time, alongside $3.56 million in Ethena (ENA) and $1.43 million in meme token PEPE. In total, he offloaded over $13 million worth of crypto assets.
His rationale was rooted in macroeconomic caution: in a blog post and social media commentary, Hayes pointed to weak U.S. jobs data and the economic drag from President Donald Trump’s newly announced tariffs as catalysts for an upcoming market pullback.
In his outlook, Hayes predicted Bitcoin could “test” $100,000 while Ethereum could fall toward $3,000.
“The Fed can’t save you this time,” he warned, suggesting monetary policy might not cushion the impact of potential economic shocks. That bearish sentiment was echoed by other traders who have been watching the Federal Reserve’s rate path and global trade tensions for signs of reduced liquidity in risk markets.
Hayes’ quick reentry and a public change of heart
But less than a week later, on-chain data revealed that Hayes had reversed course. Using $10.5 million in USDC, he repurchased ETH at prices above $4,000. The move, spotted by blockchain analytics platforms, caught many by surprise given the proximity to his earlier bearish call.
Hayes addressed the switch with a tongue-in-cheek post on X (formerly Twitter): “Had to buy it all back… I pinky swear, I’ll never take profit again.” The comment quickly went viral among crypto traders, who appreciated the self-deprecating humor about market timing.
While Hayes didn’t provide a detailed breakdown of what triggered the rapid turnaround, the Ethereum market has shown resilience in recent days. Institutional wallets have been accumulating heavily, and this has coincided with Ethereum’s price pushing to fresh 2025 highs.
What’s next for the market?
While concerns over U.S. economic health, rate policy, and geopolitical frictions remain valid, the crypto market has repeatedly defied such headwinds when liquidity and institutional interest strengthen.
For Ethereum specifically, growing demand from staking services, the anticipated impact of scaling upgrades, and a recovery in decentralized finance (DeFi) activity have all contributed to positive sentiment. The market’s ability to absorb selling pressure and rally toward yearly highs may have prompted traders like Hayes to reconsider short-term positioning.
Still, questions remain about whether this was a calculated tactical trade or a shift in Hayes’s conviction. His upcoming keynote at WebX Asia in Tokyo is expected to be closely watched for any further clarification on his market outlook.
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