Arthur Hayes, the co-founder of BitMEX, has bought 1.9 million ETHFI tokens for $1.17 million at $0.62 apiece, according to onchain analytics account Lookonchain. The purchase comes at a price about 41% higher than the $0.44 he sold a smaller ETHFI stash for in April, a sale that booked a loss.
The buy at $0.62
Hayes' new entry price of $0.62 leaves his position just above the current market rate of $0.631, where ETHFI trades now after an 11.1% jump in the last 24 hours. The token is up 25.3% over the past week, outperforming Bitcoin's 21.4% but trailing Ethereum's 27.8%. It's still a long way from its March 2024 record of $8.53 — about 93% below that level, with a market cap of $649.7 million that ranks it 92nd.
A losing record
The new buy comes with a history that doesn't flatter. Three wallets attributed to Hayes lost $2.47 million across 124 recorded trades between December 2023 and August 2026. ETHFI alone accounts for $474,000 of that. In April, he sold 265,461 ETHFI at $0.44, collecting roughly $118,000 and locking in a loss. His new price is 41% higher than that exit, meaning he's betting on a recovery rather than a quick flip.
The one winner
Not every trade Hayes touches turns to dust. His position in ENA (Ethena) is up $3.23 million, the only profitable spot in his tracked portfolio. That single winner stands against the broader losing record, which may explain why he's willing to give ETHFI a second look.
Where the position sits now
Right now, Hayes's ETHFI position is marginally above water. With the token trading at $0.631 and his cost basis at $0.62, it's a small green, but the trade is far from a success story. The token remains 93% below its all-time high, and a meaningful recovery needs more than a one-week rally. Lookonchain's tracking of his wallets will show whether this is a hold or a quick exit.
