Arthur Hayes, co-founder of BitMEX and a Bitcoin billionaire, repurchased Ethereum after a week of massive sell-offs.
On-chain data shows that Hayes sold 2,373 Ethereum, worth about $8.3 million at the time, at a price of approximately $3,507. This sale locked in profits, followed by a rapid price increase for Ethereum.
In this reversal, he transferred $10.5 million in USDC through multiple transactions on Saturday to repurchase ETH at $4,150, which is higher than the previous exit price.
He wrote on X: "Had to buy it all back, do you forgive me @fundstrat?" and stated, "I swear I will never take profits again."
Hayes warns of cryptocurrency decline
Last week, Hayes, the Chief Investment Officer of Maelstrom Fund, warned that macroeconomic pressures could pull Bitcoin back to $100,000.
Due to weak non-farm payroll data in July, he believes that slow credit growth in major economies could impact GDP, pushing Bitcoin and Ethereum prices lower.
Institutions buy $417 million worth of ETH
Data shows that since July, over 1.035 million ETH have been acquired by unknown whales and institutions through trading platforms, totaling approximately $417 million.
The surge in buying activity coincides with a strong price increase for Ethereum, rising from $2,600 to $4,000, a 45% increase.
