A cryptocurrency wallet widely believed to be linked to BitMEX co-founder Arthur Hayes has purchased an additional 1,332.5 Ether (ETH) for approximately $2.53 million, according to on-chain data from Lookonchain. The transaction, executed in the early hours of July 20, 2026, marks the second multi-million-dollar ETH accumulation by the same wallet within a week, following a similar $2.5 million purchase of 1,293 ETH on July 16. The wallet’s total holdings now exceed 10,000 ETH, valued at over $19 million at current prices.
While the wallet’s connection to Hayes remains unconfirmed, multiple independent analysts have linked it to the former BitMEX CEO through transaction history and wallet clustering. The accumulation pattern is notable as it contrasts with a previous move: shortly before the July 16 purchase, Hayes sold over $10 million worth of ETH at prices near $1,700, suggesting a strategy of buying during rallies and selling on corrections. The recent activity coincides with a broader market rally that pushed ETH above $1,900 for the second time in the past week.
Several analysts have weighed in on Ethereum’s outlook. Trader KALEO predicted a rise toward $2,300 within a month, followed by a potential sharp correction in September to new multi-year lows of $1,200. Crypto Patel identified the $1,200–$1,800 range as an accumulation zone and set long-term targets between $10,000 and $20,000 for the next bull cycle. Merlijn The Trader highlighted a technical setup reminiscent of 2017, suggesting a breakout could lead to significant gains against Bitcoin if ETH/BTC surpasses 0.029, while a drop below 0.026 would invalidate the pattern.
