Last week, Hayes sold 2,373 Ethereum for about $8.32 million, at an average selling price of around $3,507 per coin.

His decision came shortly after warning of potential market pressures due to weak U.S. job data and renewed concerns about tariffs.

Arthur Hayes, the former co-founder of BitMEX and a well-known figure in the cryptocurrency space, made a radical change in his strategy regarding Ethereum (ETH), as he returned to the market at a higher price just one week after selling his holdings.

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Last week, Hayes sold 2,373 Ethereum for about $8.32 million, at an average selling price of around $3,507 per coin. However, as the price of Ethereum continued to rise, he returned to buying. He transferred $10.5 million through several transactions to accumulate Ethereum at over $4,150, which means he returned to the market at a price higher than his previous one.

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He made his decision shortly after warning of potential market pressures due to weak U.S. job data and renewed concerns about tariffs. At that time, he indicated that such conditions could push Bitcoin towards $100,000 and Ethereum to around $3,000. Based on this forecast, he liquidated over $13 million of his cryptocurrency holdings, including ETH, Ethena (ENA), and PEPE.

Volatile nature of the market

The market context has shifted since then. Institutional interest in Ethereum has increased significantly, with whales and major investors purchasing over 1.035 million units of Ethereum, valued at about $4.17 billion, since mid-July. This buying wave indicates an average entry price of around $3,546, suggesting strong confidence in Ethereum's medium-term potential.

The rapid change in Hayes' stance highlights the volatile nature of the cryptocurrency market, where swift reversals can occur even among seasoned traders. His repurchase of Ethereum at a higher level reflects either a strategic response to renewed upward momentum or the market-driven fear of missing out. In either case, it underscores the fast-paced and high-risk environment that characterizes digital asset investing.