Arthur Hayes, the former BitMEX CEO, has accumulated $2.5 million worth of Ethereum, according to on-chain data. The move comes as bullish futures activity helps offset rising exchange inflows, keeping the $2,145 price target within reach.
Hayes' latest Ethereum buy
Hayes added to his ETH position this week, snapping up roughly 1,200 ETH at an average price around $2,080. The accumulation brings his total known holdings to over 10,000 ETH, worth roughly $21 million at current prices. Hayes has been a vocal Ethereum bull throughout 2026, often tweeting about the network's upcoming upgrades.
The timing of the purchase is notable. Exchange inflows have been climbing over the past two weeks, a metric that typically signals selling pressure. But futures markets tell a different story — open interest on CME and offshore exchanges has risen sharply, with long positions dominating. That divergence suggests institutional traders are betting on a breakout, even as retail holders move coins to exchanges.
Futures activity offsets exchange inflows
Data from Coinglass shows Ethereum futures open interest hit a three-month high on Monday, with the long-to-short ratio at 1.8. That's the most bullish positioning since April. Meanwhile, exchange netflows turned positive last week, with about 150,000 ETH moving onto platforms like Binance and Coinbase. Normally that would be a bearish signal, but the futures market is absorbing the supply.
“The futures premium is widening,” one trader noted on a public Telegram channel. “Someone is buying the dip aggressively.” The trader wasn't identified, but the sentiment matches Hayes' own public stance. He recently called Ethereum “the best risk-reward in crypto right now” during a podcast appearance.
$2,145 price target in sight
Technical analysts point to the $2,145 level as the next major resistance. That's the 61.8% Fibonacci retracement from the June high to the July low. If Ethereum can break through, the next stop is $2,300. The accumulation by Hayes and the bullish futures positioning suggest the market is leaning toward a test of that level.
Not everyone is convinced. The rising exchange inflows could still trigger a selloff if the futures longs unwind. But for now, the combination of a high-profile buyer and strong derivatives demand is keeping the bulls in control.
Hayes hasn't commented publicly on this specific purchase. His last tweet, from two days ago, simply read: “ETH is the play.”
