Just hours before Ethereum's price dipped from $1,960 to $1,872, Arthur Hayes purchased an additional 3,298 ETH, spending $6.39 million. This latest buy continues his buying spree that started mid-July, bringing his total acquisitions to 7,213 ETH for $13.87 million at an average cost of $1,923 per token. With the recent market slide, Hayes now sits about $368,000 underwater.
Hayes has been steadily building his Ethereum holdings through a series of over-the-counter trades. Blockchain monitoring tools have tracked transfers to firms like Galaxy Digital, FalconX, and Cumberland since July 15, with single purchases ranging between roughly 645 and 1,330 ETH.
His renewed interest in Ethereum follows a prior exit from the token in late June, when he closed his position taking a loss close to $606,000. The rebound in ETH above $1,750 sparked his return to accumulating the asset. This personal move mirrors a growing institutional interest in Ethereum beyond just trading: figures like Fundstrat’s Tom Lee highlight how companies are now building on the Ethereum platform itself, citing innovations such as tokenized funds by BlackRock and Robinhood’s ETH-based fee token.
The timing of Hayes' purchase was unfortunate as Ethereum dropped sharply alongside the wider crypto market on Tuesday amid anticipation of the Federal Reserve's policy meeting later this week. Traders are closely watching whether ETH can reclaim the key $1,900 level to signal stability or further declines ahead.
Known for bold and fast moves, Hayes has a track record of quickly reversing positions. Beyond Ethereum, he has previously supported tokens like Hyperliquid’s HYPE, Zcash, and Worldcoin before quietly exiting when market sentiment shifted. His trading style reflects a willingness to pivot rapidly in response to changing conditions.
Hayes, co-founder of Bitmex, faced legal challenges in 2022 over Bank Secrecy Act violations connected to anti-money-laundering procedures on the exchange. However, he and his co-founders received pardons in March 2025, wiping their convictions.
