Arthur Hayes Buys Back ETH Higher, ‘Pinky Swears’ to Never Take Profit Again

BitMEX co-founder and Bitcoin billionaire Arthur Hayes has bought back into Ethereum just a week after selling a large tranche.

Onchain data shows that Hayes offloaded 2,373 Ether (ETH), worth roughly $8.32 million at the time, when the token was trading near $3,507. The sale, which occurred about a week ago, locked in profits before Ether’s latest rally.

In a reversal, the crypto analyst moved out $10.5 million in USDC (USDC) across multiple transactions on Saturday, with the stablecoins directed toward purchasing ETH at prices above $4,150, significantly higher than his earlier exit point.

“Had to buy it all back, do you forgive me @fundstrat?” he wrote on X, tagging Tom Lee, the co-founder and head of research at FS Insight by Fundstrat. “I pinky swear, I’ll never take profit again,” he added.

Hayes buys back ETH. Source: Arthur Hayes

Hayes warns of crypto drop

Last week, Hayes, who is chief investment officer of Maelstrom Fund, warned that mounting macroeconomic pressures could pull Bitcoin (BTC) back toward $100,000.

Citing renewed tariff fears after the weak July Non-Farm Payrolls report, which showed only 73,000 new US jobs, Hayes said sluggish credit growth in major economies could weigh on nominal GDP and push Bitcoin and Ether lower toward $100,000 and $3,000, respectively.

In anticipation, Hayes sold over $13 million worth of crypto, including $8.32 million in ETH, $4.62 million in Ethena (ENA), and $414,700 in Pepe (PEPE).

Institutions scoop up $4.17 billion in ETH

Since July 10, more than 1.035 million ETH, worth roughly $4.17 billion, has been accumulated by a cluster of unknown whales and institutions through exchanges and institutional trading platforms, according to data accumulated by EmberCN.