Arthur Hayes, co-founder of BitMEX, revealed that he bought back Ethereum this month when the price rose above $4,200.

This event occurred a week after he publicly announced that he sold $8.32 million worth of altcoin. He returned after the price of ETH rose, a move contrary to his earlier prediction of a decline.

This move comes as new forecasts, such as VanEck's $22,000 target for 2030, attract attention.

Arthur Hayes Buys Back Ethereum After Quick Exit

In a recent development, Arthur Hayes, who previously led BitMEX as CEO, returned to the Ethereum market just days after selling a large amount.

Last week, Hayes sold 2,373 ETH, worth about $8.32 million. At that time, he thought the price would drop across the market.

He pointed out that the decision to maintain interest rates by the U.S. Federal Reserve is one of the reasons.

According to the outlook, Hayes stated that this signal is negative for the cryptocurrency market.

He also mentioned geopolitical tensions related to the foreign policy and military actions of U.S. President Donald Trump as factors that could further increase market volatility.

Based on these concerns, Hayes believes that the price of Ethereum could drop to $3,000. However, the market has gone in the opposite direction.

In the following week, the price of Ethereum surged, surpassing $4,000 and reaching $4,200. This increase marked a nearly 20% rise in just seven days.

After the rally, Hayes wrote on social media that he had to 'buy back everything' and joked that he would never take profits again.

It is important to note that Ethereum's rally comes as many other cryptocurrencies also record gains. Market analyst Michaël van de Poppe stated that the market cycle is still long.

He noted that alternative cryptocurrencies, including ETH, have not yet experienced significant volatility and could increase by 200 to 500 percent in the next three months.

It is important to add that Ethereum's rapid price increase has also led to significant losses for some traders.

Data from Lookonchain shows that a trader with the address 0xcB92 was completely liquidated after the price surpassed $4,200.

The loss from this position amounts to over $15.85 million. If anything is clear, Hayes' return to buying shows how quickly sentiment in the cryptocurrency market can change.

Just a week after the major sell-off and buyback, the market's direction has changed.

Long-Term Ethereum Price Forecast

While Hayes' trading focuses on short-term volatility, others are considering Ethereum's long-term path.

In June 2024, investment firm VanEck published a report forecasting that ETH could reach $22,000 by 2030.

The report was led by Matthew Sigel, Head of Digital Asset Research, along with Patrick Bush and Denis Zinoviev.

VanEck's base case is built on the role of Ethereum in supporting decentralized applications, increasing interest from institutional investors, and rising on-chain activity.

The company estimates that by 2030, the price of Ethereum could reach a market value of $2.2 trillion if this trend continues.

Analysts predict that Ethereum's annual growth rate could reach nearly 38% over six years.

VanEck also proposed portfolio strategies that include Ethereum alongside Bitcoin, with Ethereum making up a significant portion of the cryptocurrency holdings.

More importantly, Hayes' decision to buy back Ethereum right after his sell-off shows just how unpredictable the market can be.

It is important to add that prices can change dramatically in a short time, and opinions can also shift quickly.

Additionally, long-term optimistic forecasts from major firms like VanEck have added another factor to the discussion about the direction of Ethereum's price in the coming years.