Arthur Hayes, co-founder of BitMEX, has made a notable return to Ethereum, purchasing 1,293 ETH for approximately $2.5 million at prices above $1,900. The transaction, flagged by on-chain tracker Lookonchain on July 16, 2026, comes just weeks after Hayes sold a larger ETH position near $1,700, raising questions about his trading strategy.
In mid-June, Hayes accumulated 5,900 ETH worth $10.58 million over several days, only to dispose of the entire stash a day later for around $10 million as prices weakened, registering a loss of more than $600,000. The latest purchase thus continues a pattern of buying high and selling low that has drawn market attention. Hayes has previously faced criticism for promoting tokens like HYPE, ZEC, and WLD before exiting positions well before his ambitious price targets.
The Ethereum rally beyond $1,900 has also been fueled by wider whale activity. Lookonchain reported that three newly created wallets withdrew nearly $58 million in ETH from Coinbase Prime on the same day, with analysts noting, “whales continue accumulating ETH.” In a separate move, Abraxas Capital deposited $40 million worth of bitcoin into Kraken, then withdrew 8,153 ETH (approximately $15.3 million) from Binance and Bybit, signaling a strategic rotation from BTC into ETH.
These on-chain signals suggest mounting institutional and high-net-worth demand for Ethereum, contributing to its outperformance against Bitcoin and other major cryptocurrencies.
