BitMEX co-founder Arthur Hayes has intensified his accumulation of Ethereum, purchasing 645 ETH worth $1.2 million just hours ago, bringing his total acquisitions since July 15 to 3,915 ETH at an average price of $1,909. This recent buying spree comes after Hayes sold his entire ETH stash at a loss in June, only to re-enter as prices rebounded above $1,900. Despite his current position being down roughly $113,000, the move signals strong conviction, with Hayes using FalconX to execute the trades.
The bullish sentiment is echoed by prominent analyst Doctor Profit, who announced he has increased his Ethereum portfolio allocation to 60%—the first time in his trading history that he holds more ETH than Bitcoin. He predicts a rally to $4,000, calling it an “extreme bet.” Other analysts are even more optimistic: Crypto Patel projects a long-term target of $10,000 based on historical cycle comparisons, while Freedom By 40 suggests a possible $20,000 by 2028, contingent on ETH holding support between $1,000 and $1,350.
Derivatives data adds fuel to the bullish fire, with Open Interest rising 2.2% to $11.97 billion and Funding Rates spiking 3,092% in 24 hours, indicating long traders are paying a premium. Spot Ethereum ETFs also recorded $104 million in net inflows for the week of July 20–24, marking a third straight week of positive flows. ETH currently trades near $1,864, with immediate resistance at $1,945 and the next major upside at $2,145.
