Arthur Hayes, the co-founder of BitMEX, has been buying Ethereum again. The exchange recently announced its upcoming closure, but Hayes is putting money to work in ETH. Since July 15, he's spent roughly $7.5 million to purchase 3,915 Ether at an average price of $1,909, according to on-chain data.
Buying Back After Selling Low
Hayes had previously sold his entire Ethereum stash for over $10 million at an average price under $1,700. That was below his original purchase price of over $1,900. Now he's buying again at $1,909, still below his original entry. His latest buy was 645 ETH for $1.2 million, about nine hours before this report on July 26. So far, he's down about $113,000 on these recent purchases.
Analyst Sees $4,000 Target
Meanwhile, analyst Doctor Profit has increased his ETH allocation to 60% of his combined Bitcoin and Ethereum portfolio, up from just 10% in previous cycles. He predicts Ethereum can rally to $4,000. That's a roughly 100% gain from current levels.
Ethereum's Momentum
Ethereum has gained momentum and is trading close to $2,000 for the first time in months. The price action comes as the broader crypto market shows signs of recovery. Ethereum is trading near $2,000 for the first time in months. Doctor Profit's $4,000 target would require a sustained rally. Hayes' recent purchases suggest he's betting on that outcome.
