Quick overview

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Arthur Hayes, a co-founder of BitMEX, repurchased Ethereum just one week after selling a significant amount of it. According to on-chain data, Hayes sold 2,373 ETH for approximately $8.32 million when the token was trading near $3,507. This sale, which took place about a week ago, allowed him to secure profits before Ether’s recent surge.

Hayes reversed $10.5 million in USDC across several transactions on Saturday with stablecoins designated for purchasing ETH above $4,150—substantially higher than his previous exit point.

He expressed his feelings about this on X, tagging Tom Lee, the co-founder and head of research at FS Insight by Fundstrat, saying, “Had to buy all back, do you forgive me @fundstrat?” He further added, “I promise that I will never profit again.”

Last week, Hayes, who is the Chief Investment Officer of the Maelstrom Fund, warned that increasing macroeconomic pressures could drive Bitcoin back down to $100,000. After the weak July Non-Farm Payrolls report, which showed only 73,000 new US jobs, Hayes expressed renewed concerns about tariffs, suggesting that slow credit growth in major economies could negatively impact nominal GDP and push Bitcoin and Ether lower, potentially reaching $100,000 and $3,000, respectively.

 

According to EmberCN, a group of unidentified whales and institutions has accumulated over 1.035 million ETH, worth roughly $4.17 billion, through exchanges and institutional trading platforms since July 10.