Crypto mogul reverses course, pledges to hold long-term
Ethereum’s price surge has drawn back a familiar figure — Arthur Hayes, co-founder of BitMEX and a prominent voice in the crypto sector — who has reentered the market just days after exiting a large position.
On-chain transaction data indicates Hayes sold 2,373 ETH, valued at roughly $8.3 million, when the token was trading near $3,500. The move came ahead of Ethereum’s latest rally, which pushed prices above $4,000.
However, in a swift turnaround, Hayes moved $10.5 million in USDC into multiple wallets over the weekend, channeling the funds toward buying ETH at prices above $4,150 — notably higher than his previous selling point. In a public comment on X, Hayes jokingly assured followers he would “never take profit again.”
“This sort of behavior from high-profile traders can send mixed signals to the market,” noted BITX analyst. “When someone of Hayes’ stature reverses position this quickly, it underscores the high volatility and sentiment-driven nature of crypto trading.”
Warning of possible market correction
Interestingly, Hayes’ renewed buying comes shortly after he warned that macroeconomic headwinds — such as slower credit growth and renewed trade tensions — could send Bitcoin toward $100,000 and Ethereum near $3,000. He had cited weak U.S. job data and falling GDP projections as potential catalysts for a downturn.
In anticipation, Hayes liquidated over $13 million in crypto assets, including positions in ETH, Ethena, and Pepe.
Institutional appetite for Ethereum grows
Hayes’ reentry mirrors broader market trends. Since mid-July, institutional and large-scale investors have accumulated over 1 million ETH — worth about $4.17 billion — according to data from EmberCN. This accumulation wave has coincided with Ethereum’s 45% rally from $2,600 to the $4,000 mark in under a month.
Analysts say this institutional demand could be a key factor sustaining the rally, though profit-taking risks remain high.
The sudden shift in Hayes’ strategy highlights the unpredictable nature of cryptocurrency investing — where even seasoned players are willing to chase momentum despite earlier caution.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.