Arthur Hayes Buys ETH Above $1,900 After Selling at $1,700
Ethereum (ETH) surged above $1,900, hitting a multi-week peak, as on-chain data pointed to renewed whale accumulation. Arthur Hayes (BitMEX co-founder) spent about $2.5M to buy 1,293 ETH at prices above $1,900, after previously selling his ETH stash when ETH fell below $1,700.
In mid-June, Hayes accumulated 5,900 ETH for about $10.58M, then disposed of the entire position (and more) for around $10M roughly a day later, booking a loss of over $600k—raising concerns that he is effectively buying higher and selling lower.
Broader whale flows also supported the ETH bid. Lookonchain reported that three newly created wallets withdrew nearly $58M worth of ETH from Coinbase Prime. Separately, wallets linked to Abraxas Capital rotated capital by withdrawing 8,153 ETH (about $15.3M) from Binance and Bybit and depositing 618 BTC (about $40M) into Kraken, then using part of that capital to add more ETH.
Overall, ETH remains the central theme of the rally, reinforced by large transfers from exchanges and big buys from high-profile and newly active participants.
Bullish
The news is bullish for ETH because it highlights sustained large-holder accumulation during a price breakout. Hayes buying 1,293 ETH above $1,900 after earlier selling below $1,700 suggests renewed demand rather than fading interest. Even though his round-trip reportedly generated a loss, the immediate implication for traders is that ETH buyers are stepping in at higher levels.
On-chain confirmations matter: new wallets withdrawing nearly $58M ETH from Coinbase Prime and Abraxas Capital’s exchange withdrawals/rotations indicate liquidity moving off exchanges and being redeployed into ETH. Historically, when big transfers away from exchanges coincide with breakouts (e.g., prior ETH rally phases), it often supports momentum and can reduce near-term sell pressure.
Short-term, this can sustain bids and keep ETH supported above the $1,900 area. Long-term, repeated accumulation by both established and newly created wallets increases the probability of continued demand during pullbacks, though volatility remains likely given the recent “sell then buy” behavior and broader market sentiment.