Last week, Hayes sold 2,373 ETH for about 8.32 million dollars at an average selling price of around 3,507 dollars per coin.
His decision came shortly after warning about possible market pressure from weak US job data and renewed tariff concerns. Former BitMEX co-founder and well-known crypto figure Arthur Hayes has made a sharp reversal in his Ethereum (ETH) strategy, buying back into the market at a higher price only a week after selling his holdings. Last week, Hayes sold 2,373 ETH for about 8.32 million dollars at an average selling price of around 3,507 dollars per coin. However, as Ethereum’s price continued to climb, he shifted back into buying mode. He moved 10.5 million USDC across several transactions to reaccumulate ETH at over 4,150 dollars, meaning he re-entered at a premium compared to his recent sell-off.
His decision came shortly after warning about possible market pressure from weak US job data and renewed tariff concerns. At the time, he suggested that such conditions could send Bitcoin toward 100,000 dollars and Ethereum closer to 3,000 dollars. Following that outlook, he liquidated over 13 million dollars in crypto holdings, including ETH, Ethena (ENA), and PEPE.
Volatile Nature of the Market
The market context has since shifted. Institutional interest in Ethereum has surged, with more than 1.035 million ETH, valued at roughly 4.17 billion dollars, purchased by whales and large investors since mid-July. This buying spree suggests an average entry price of about 3,546 dollars, signaling strong confidence in Ethereum’s medium-term potential.
Hayes’s rapid change in position highlights the volatile nature of the crypto market, where quick reversals can happen even among seasoned traders. His buyback into Ethereum at a higher level reflects either a strategic response to renewed bullish momentum or the influence of market-driven fear of missing out. In either case, it underscores the fast-paced, high-stakes environment that defines digital asset investing.