Last month, Arthur Hayes lost more than $600,000 on Ethereum positions — but yesterday, he bought back in.
BitMEX co-founder Arthur Hayes acquired more than 1,900 ETH▲$1,761.17 worth about $3.7M on July 15. His first purchase of 646 ETH was executed through an OTC trade with Galaxy Digital. He then added another 1,293 ETH.
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In late June, Hayes sold 6,000 ETH at a loss of roughly $606,000 when the price dropped below $1,700. He also exited positions in Worldcoin, Zcash (ZEC), NEAR▲$2.04, and Hyperliquid (HYPE), citing high energy prices and political risks to the crypto market.
At the time of publication, Ethereum (ETH) trades at $1,885, virtually flat on the day but up 7.5% on the week.
Hayes’s Ethereum Strategy Raises Questions
The new ETH purchases continue a series of mixed trades. In late June, Hayes bought $2.2M in Synapse (SYN) tokens, but the asset has since crashed more than 55%. Hayes’s position is down about 28%, an unrealized loss of roughly $610,000.
Hayes has built a reputation for bold, high-risk trades. He frequently exits positions quickly or reverses direction, leaving the community guessing. In June, he sold 6,000 ETH at a loss despite having built that position just weeks earlier.
His bitcoin (BTC) calls have fared better. His June forecast of a $40,000 bottom was echoed by a major Chinese mining company citing his analysis.
Read more: Bitcoin Reclaims $65K — What’s Next for the Crypto Market in the Second Half of July?
Whales Accumulate ETH: $58 Million in a Day
Alongside Hayes’s move, other large players are also accumulating ether. According to Lookonchain, three new crypto wallets withdrew nearly $58M in ETH from Coinbase Prime in a single day. Analysts noted that “whales continue to accumulate ETH.” Wallets linked to Abraxas Capital also rotated some bitcoin holdings into ether after depositing $40M in BTC▲$62,630.00 to Kraken.
Hayes’s buy above $1,900 and concurrent whale accumulation could signal expectations of further ETH upside. But Hayes’s unpredictable trading style leaves plenty of uncertainty.
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