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BitMEX co-founder and Bitcoin magnate Arthur Hayes has reentered Ethereum just a week following the sale of a substantial portion.
Onchain data indicates that Hayes liquidated 2,373 Ether (ETH), valued at approximately $8.32 million at that time, when the token was trading close to $3,507. The transaction, which took place about a week ago, secured gains prior to Ether’s recent surge.
In a turnaround, the crypto analyst transferred $10.5 million in USDC (USDC) through several transactions on Saturday, with the stablecoins aimed at acquiring ETH at prices exceeding $4,150, considerably higher than his previous exit point.
“Had to repurchase everything, will you forgive me @fundstrat?” he posted on X, mentioning Tom Lee, the co-founder and head of research at FS Insight by Fundstrat. “I pinky promise, I’ll never secure profits again,” he added.
Related: $105M Ether shorts got ‘smoked,’ Eric Trump critiques the bears
Hayes cautions of crypto downturn
Last week, Hayes, who serves as chief investment officer of Maelstrom Fund, alerted that rising macroeconomic challenges might drive Bitcoin (BTC) back toward $100,000.
Pointing to renewed tariff anxieties following the disappointing July Non-Farm Payrolls report, which revealed only 73,000 new jobs in the US, Hayes mentioned that sluggish credit expansion in major economies could impact nominal GDP and lead Bitcoin and Ether to decline towards $100,000 and $3,000, respectively.
In preparation, Hayes divested over $13 million in cryptocurrency, including $8.32 million in ETH, $4.62 million in Ethena (ENA), and $414,700 in Pepe (PEPE).
Related: Ether price reaches $4K for the first time since December 2024
Institutions acquire $4.17 billion in ETH
Since July 10, over 1.035 million ETH, valued at roughly $4.17 billion, has been gathered by a group of anonymous whales and institutions through exchanges and institutional trading platforms, according to data captured by EmberCN.
The increase in buying activity coincided with Ethereum’s robust price surge, rising from $2,600 to $4,000 within the month, marking a 45% gain.
EmberCN reported that most of the ETH accumulated by these addresses is likely owned by institutions or US public firms building ETH reserves, excluding entities like SBET whose addresses are publicly recognized. The average purchase price for these holdings is estimated to be around $3,546.
Magazine: How Ethereum treasury companies could ignite ‘DeFi Summer 2.0’
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