Arthur Hayes is back in the ether market. The BitMEX co-founder bought 1,293 ETH — worth about $2.48 million at the time — on Wednesday, July 15. The purchase came just weeks after he sold 6,000 ETH at an estimated $606,000 loss in late June.
The latest trade
Hayes received 646 ETH ($1.24 million) from Galaxy Digital in what sources described as a likely over-the-counter trade, then added another 647 ETH on the open market. The total buy brought his ether stack back up after the June sell-off. Ethereum was trading near $1,925 at the time of reporting, with a market cap of roughly $231 billion.
A pattern of reversals
This isn't the first time Hayes has flipped positions quickly. He has a history of making bold, high-profile token calls — SYN, HYPE, ZEC, NEAR, WLD — and then exiting or reversing them shortly after. In late June, he bought $2.2 million worth of Synapse (SYN) token. SYN has since fallen more than 55%, leaving Hayes with an unrealized loss of roughly 28%, or about $610,000.
The timing of the latest ETH buy is notable. Hayes predicted a $60,000 Bitcoin bottom in June, a call later echoed by a major Chinese mining firm. That forecast hasn't played out yet — Bitcoin is trading well below that level — but Hayes appears to be putting money behind his conviction on ether.
Hayes hasn't commented publicly on the new ETH position. Given his track record, the question isn't whether he'll hold — it's how long before the next reversal. The market will be watching for his next move, especially if ether's price doesn't cooperate.
