Arthur Hayes, co-founder of BitMEX, has re-entered the Ethereum market with a significant buy of 1,332.5 ETH, spending approximately $2.53 million as ETH surged past the $1,900 mark. This move marks a reversal from his June sell-off, when he offloaded 6,000 ETH at a reported loss of $606,000. Hayes’ renewed accumulation, part of a broader July buying pattern exceeding 3,270 ETH valued near $6.2 million, signals a possible strategic repositioning amid Ethereum’s recent price momentum.

Ethereum Staking Hits New Highs Amid Whale Activity

The surge in Hayes’ purchases coincides with Ethereum staking reaching a record 33.9%, locking up roughly 40.9 million ETH. This historic staking ratio reflects about one-third of the circulating supply, a substantial portion of which is now illiquid and unavailable for immediate spot trading. Token Terminal data also shows over 2.47 million ETH in the staking queue, with an average delay of 43 days, underscoring the growing commitment to network security despite a modest 2.64% staking APR.

This staking dynamic compresses the tradable supply, especially as exchange reserves diminish, intensifying supply scarcity. Whale demand intensifies this trend: recent activity includes three newly created wallets withdrawing nearly 30,000 ETH from Coinbase Prime, valued at close to $58 million, further tightening market liquidity.

Hayes’ timing is notable. His purchases align with Ethereum’s price flirting with the $2,000 resistance level and heightened interest fueled by staking growth and whale movements. While wallet data cannot confirm whether Hayes aims for a long-term hold or trading gain, his buying after a loss suggests renewed confidence in Ethereum’s upside potential.

The combination of record staking levels locking away supply and large-scale whale accumulation could sustain upward price pressure, making the $2,000 milestone a critical psychological and technical target. Investors should watch if Hayes’ and similar actors’ behavior signals a broader institutional return to Ethereum ahead of potential market shifts.

material is informational, not financial advice