Former BitMEX CEO Arthur Hayes has added another $6.39 million worth of ether to his holdings, according to blockchain tracking firm Lookonchain. The purchase brings his total ETH stack to 7,213 coins — but the position is currently about $301,000 in the red.
The latest buy
Lookonchain flagged the transaction on Tuesday. Hayes bought the ether through a series of trades, though the exact timing and exchange weren't disclosed. The purchase comes just weeks after he took a $606,000 loss on an earlier ETH trade, suggesting he's doubling down rather than cutting his losses.
Hayes has been a vocal crypto bull for years, often sharing market takes on his blog and social media. But this latest move shows he's willing to put real money behind those views, even when the market isn't cooperating.
A streak of losses
The $301,000 underwater figure means Hayes' average entry price is above the current ether price. Ether has been trading in a range around $3,300 to $3,500 recently, down from highs above $4,000 earlier this year. Hayes' earlier $606,000 loss suggests he was caught offside in a volatile move. Still, he's added to the position rather than exiting.
It's not clear if Hayes is using leverage or simply buying spot. BitMEX, the exchange he co-founded, is known for derivatives trading, but Hayes has been active in the spot market as well.
What the market is watching
Traders on X (formerly Twitter) have been buzzing about the whale activity. Some see it as a bullish signal — a former exchange CEO putting his own capital to work. Others point to the losses and wonder if Hayes is just averaging down into a falling market.
Lookonchain's alerts have become a go-to source for tracking big moves by known crypto figures. The firm's data shows Hayes has been consistently adding ETH over the past several weeks, even as the broader market struggles to find direction.
Whether Hayes will keep buying if ether slides further is the open question. He hasn't commented publicly on the latest trade, and his next move — or the market's — will determine if this bet pays off.
