Hayes Buys 2,373 Ethereum at $4,150; Whales Accumulate 1M+
BitMEX co-founder Arthur Hayes repurchased 2,373 Ethereum at an average price of $4,150 using $10.5 million in USDC, reversing his sale of the same amount a week earlier. He declared on X that he would no longer take profits. The buyback follows his warning that macro pressures could drag Bitcoin to $100,000 and Ethereum back to $3,000 and his previous $13 million crypto dump, which coincided with large Bitcoin and Ethereum ETF redemptions.
On-chain data from EmberCN shows unknown whales and institutions have amassed over 1.035 million ETH (roughly $4.17 billion) since July 10. This wave of accumulation aligns with a 45% rally in Ethereum from around $2,600 to $4,000 within a month, fueled by $792 million in U.S. spot ETH ETF inflows and the SEC’s ruling that stETH is not a security.
Hayes’ swift reentry, combined with strong whale activity, underscores renewed market confidence in Ethereum. Traders should watch for continued ETF flows and macro developments. If other large holders follow suit, Ethereum could test fresh highs despite lingering trade tensions and credit-growth concerns.
Bullish
Arthur Hayes’ large-scale buyback at $4,150 and his declaration to halt profit-taking send a clear bullish signal in the short term. This move, combined with unknown whales and institutions accumulating over 1 million ETH since July, alongside strong spot ETH ETF inflows, suggests solid demand and price support above $4,000.
However, traders should remain mindful of lingering macro uncertainties, such as trade tensions and credit-growth concerns, which could introduce volatility. In the long term, sustained ETF flows and institutional engagement may underpin a continued uptrend, potentially driving Ethereum toward new highs. Overall, the net effect is bullish for Ethereum traders.