- Arthur Hayes sold $8.3 million in ETH before repurchasing it at a price above $4K days later.
- His quick reversal came amid substantial institutional Ethereum accumulation.
- Institutions and whales have accumulated over 1.03M ETH worth more than $4B since July 10.
Arthur Hayes, co-founder of BitMEX, has made a significant turnaround in his Ethereum strategy within a single week. Days after selling millions in ETH while warning of a possible drop, he repurchased the asset at a higher price.
Last week, Hayes sold 2,373 ETH worth $8.32 million when Ethereum traded near $3,500. Blockchain trackers linked the sale to a broader liquidation of more than $13 million in various cryptocurrencies. At that time, Hayes cited economic risks as his reason for exiting the market.
He pointed to weak U.S. jobs growth and potential new tariffs as major threats. The July Non-Farm Payrolls report showed just 73,000 jobs. This figure fell far short of forecasts. Hayes warned that these developments could push Bitcoin to $100,000 and Ethereum to $3,000.
Hayes also highlighted sluggish credit growth in large economies. According to him, slower growth could weigh heavily on global nominal GDP. These warnings aligned with a cautious tone from several traders watching global trade and monetary policy closely.
Hayes Flips to Aggressive ETH Buying
Over the weekend, Hayes reversed course. Blockchain data from Lookonchain showed him moving $10.5 million in USDC to buy ETH. The purchase came with prices above $4,150, marking a higher reentry than his recent exit.
Hayes confirmed the move on X. He posted “had to buy it all back” alongside an Ethereum chart. He also tagged Fundstrat’s Tom Lee and added a promise to “never take profit again.” The lighthearted post quickly gained traction among traders.
While Hayes did not explain the sudden shift, his buy coincided with renewed Ethereum strength. The market climbed steadily past the $4,000 mark during the weekend. This rally came amid large-scale institutional accumulation.
Institutions Build Ethereum Positions
Data from EmberCN shows that whales and institutions have been heavily accumulating ETH since July 10. On-chain analysis tracked more than 1.035 million ETH purchased by these players. At current prices, the holdings are worth more than $4 billion.
Most of the accumulation occurred through exchanges and institutional platforms. Many of the wallets are believed to belong to U.S. public companies or major funds. Analysts estimate the average purchase price at around $3,546.
Related: Arthur Hayes Dumps $ETH, $ENA, $PEPE Amid Tariff, Liquidity Crunch Fears
Ethereum’s price has risen sharply in the past month. It moved from $2,600 to more than $4,000, a gain of about 45%. The surge has aligned closely with the timeline of institutional buying. Whale activity has also intensified in recent weeks.
The parallel between Hayes’ reversal and institutional flows stands out. Both retail insiders and major buyers are showing renewed confidence in Ethereum. This shift comes after a summer marked by macroeconomic uncertainty and cautious positioning.
Market analysts suggest that Ethereum’s breakout above $4,000 has triggered momentum buying. For institutions, the move signals confidence in Ethereum’s long-term role in digital asset portfolios. For individual traders, it marks a clear change in sentiment.
The combined actions of high-profile traders and institutional investors have provided strong support for Ethereum’s rally. With both groups active, the token’s price has found solid footing above key technical levels.
