Arthur Hayes, the Bitcoin billionaire and BitMEX co-founder, has made a surprising move by buying back Ethereum (ETH) at higher prices just a week following a significant sale.
Onchain analytics reveal that Hayes sold 2,373 ETH worth approximately $8.32 million when the price was around $3,507. This move secured profits before Ethereum’s recent upward surge.
However, Hayes reversed course by deploying $10.5 million in USD Coin (USDC) in multiple transactions aimed at acquiring ETH at prices exceeding $4,150, markedly above his prior sale level.
He acknowledged this decision on social media, asking for forgiveness and pledging on Twitter that he’ll “never take profit again,” demonstrating his strong conviction in Ethereum’s future.
Earlier, Hayes warned of potential downward pressure on cryptocurrencies like Bitcoin (BTC) and Ethereum due to macroeconomic challenges such as slowed credit growth and tariff tensions.
In his anticipation of these market fluctuations, Hayes strategically sold over $13 million across several cryptocurrencies, including ETH, Ethena (ENA), and Pepe (PEPE).
Meanwhile, institutional investors continue to accumulate ETH, with over 1.035 million ETH valued at around $4.17 billion bought since early July. This accumulation supports Ethereum’s recent price rally from $2,600 to over $4,000, reflecting a 45% increase.
Data suggests that these large holdings belong mainly to institutions and publicly traded companies in the US building their Ethereum reserves.
Hayes’ actions and market trends highlight the active and dynamic nature of crypto investing by whales and industry leaders.
