A crypto wallet that on-chain analysts believe is tied to BitMEX co-founder Arthur Hayes scooped up 3,000 ether this week, spending roughly $5.42 million. The purchase came just after a US-Iran peace deal sent a wave of optimism through digital asset markets. According to Lookonchain, the wallet received the ETH from market maker Flowdesk.
The $5.4 million move
The wallet bought 3,000 ETH at an average price of around $1,807 per coin, based on the total. On-chain data shows the funds were routed through Flowdesk, a Paris-based market maker that provides liquidity across major exchanges. The identity of the wallet owner hasn't been confirmed, but Lookonchain flagged it as 'possibly related to Arthur Hayes' – a label the analytics platform applies when on-chain patterns match known Hayes-linked addresses.
Why now?
The timing lines up with a broader market rally sparked by the US-Iran peace deal announced earlier this month. The agreement, which de-escalated tensions in the Middle East, lifted risk appetite across global markets. Bitcoin climbed above $68,000 on the news, and ether followed suit. The Hayes-linked wallet moved within hours of the deal's positive sentiment taking hold, though it's unclear whether the purchase was directly tied to the geopolitical event or part of a larger strategy.
Flowdesk's role
Flowdesk, the entity that sent the ETH to the wallet, is a market maker that provides liquidity on several crypto exchanges. The firm often acts as an intermediary for large OTC trades and institutional flows. While Flowdesk has not commented on this specific transaction, its involvement suggests the purchase may have been executed off-exchange, keeping the price impact minimal.
The Hayes connection
Arthur Hayes, who co-founded BitMEX and later pleaded guilty to violating the Bank Secrecy Act, has been an outspoken ethereum bull in recent months. He has frequently predicted that ETH would outperform bitcoin. This wallet's activity aligns with that thesis, but without a direct confirmation from Hayes or his team, the link remains speculative.
Whether Hayes or another large holder made this bet, the market is watching for the next move. The wallet now holds over $5 million in ETH – enough to influence price if it were to be sold quickly. No further transactions have been recorded since the purchase.
