A wallet linked to BitMEX co-founder Arthur Hayes purchased 1,332.5 ETH worth approximately $2.53 million on July 21, 2026, as Ethereum regained levels above $1,900. This recent accumulation signals a notable shift from earlier in the summer when the same wallet sold 6,000 ETH for about $10 million, realizing a loss close to $606,000.

The Strategic U-Turn in ETH Holdings

The wallet’s activity, tracked by on-chain monitors like OnchainLens and Lookonchain, reveals a pattern of tactical buying and selling that reflects broader market dynamics. After exiting a sizeable position in June at prices just below $1,700, Hayes’ wallet reversed course this month, adding nearly 1,939 ETH via OTC-style transactions. a purchase of 1,293 ETH around July 16 coincided with Ethereum’s rebound above $1,900, underscoring a confidence in the token’s near-term potential.

Such actions from a prominent crypto figure highlight the complex sentiment among whales: cautious during market dips but opportunistic as signs of recovery emerge. However, Hayes’ wallet has a history of favoring certain tokens publicly before quietly liquidating them, which injects a layer of skepticism about the timing and intent behind these moves.

Broader Whale Activity and Institutional Signals

Hayes is not alone in accumulating ETH at current price levels. Other large wallets have also made significant buys, including transactions worth $13.5 million and $20 million respectively, alongside withdrawals of 7,000 ETH from Binance for staking purposes. This trend aligns with Ethereum’s staking ratio surpassing an all-time high of 33% by the end of June, a milestone tied by Tom Lee, Chairman of Bitmine Immersion Technologies, to BlackRock’s iShares Staked Ethereum ETF locking assets into staking contracts.

Institutions now control over 9% of Ethereum’s total supply, a figure that likely increased since last year. Analysts like Geoff Kendrick from Standard Chartered argue that ETH treasury products, bolstered by staking yields, offer stronger relative value compared to Bitcoin and Solana counterparts. This institutional embrace is reshaping Ethereum’s market fundamentals, contrasting sharply with the crypto downturns of previous years.

Technically, ETH has maintained a trading range between $1,900 and $1,930, supported by a bullish RSI divergence and a double bottom near $1,500. Resistance levels at $2,035 and $2,400 remain key hurdles. Analyst KALEO has projected a potential rise to $2,300 within a month but cautions about a possible decline toward $1,200 by September, reflecting persistent volatility.

This material is informational and not financial advice.