In the space of a few days, Arthur Hayes, co -founder of Bitmex, operated a turn that makes the whole crypto sphere react. After having sold several million dollars of Ether, he returned to the market … at a significantly higher price. An unexpected choice, in the middle of a bullish rally of Ethereum, who intrigues as much as he questions his real motivations and the future of the market.
In short
- Arthur Hayes sells 2,373 ETH for $ 8.32 million to $ 3,507, then bought more than $ 4,150.
- His ironic declarations on X trigger the curiosity and reactions of the Crypto community.
- This reversal comes when Ethereum exceeds $ 4,000 for the first time since December 2024.
- A few days earlier, Hayes warned a risk of correction around $ 3,000 for the ETH.
A spectacular redemption
Arthur Hayes sold 2,373 ETH for around $ 8.32 million, while the price was moving around 3,507 dollars. A week later, while the ETH has crossed the $ 4,000 for the first time since December 2024, it injected $ 10.5 million, via several USDC transactions, to buy the crypto at a price greater than $ 4,150.
On the social network X (ex-Twitter), he commented on this flip-flop with a humorous tone, addressing Tom Lee de Fundstrat: “I had to bake everything, do you forgive me?” »» Before promising, ironically: “I swear on my little finger, I will never take advantage of it”.
Here are the important facts of this operation:
- The amount of the initial sale: 2,373 ETH for around $ 8.32 million at an average price of $ 3,507;
- The amount of the buyout: $ 10.5 million in USDC converted into ETH to more than $ 4,150;
- Temporality: only a week between sale and buyout.
Such a contrast between his recent output from position and this rushed return at a higher price has sparked many reactions in the ecosystem, some seeing an emotional decision, others a bet calculated on the pursuit of the rally.
Between macroeconomic warnings and institutional flows
A few days before this takeover, Hayes, now director of investments at the Maelstrom Fund, nevertheless warned against a decline in the market.
Based on the disappointing American employment report in July, only 73,000 new positions, and on the slowdown in credit growth in major economies, it estimated that these macroeconomic tensions could bring bitcoin to $ 100,000 and ETH around $ 3,000.
With this in mind, he then sold more than $ 13 million in assets, including, in addition to the ETH, positions in Ethena (ENA) and PEPE (PEPE).
In parallel, emberric data show That, since July 10, more than 1.035 million ETH, or 4.17 billion dollars, have been accumulated by predominantly institutional entities or large American companies, at an estimated average price of 3,546 dollars. This massive purchase flow coincides with the 45 % increase in ETH over a month, going from $ 2,600 to 4,000.
This combination of macroeconomic alerts and institutional bullies illustrates a crypto market under tension, shared between correction fears and prospects for continuing the trend. Arthur Hayes' reversal could be interpreted as an opportunistic position in the face of the influx of capital on the ETH, but also as a risky bet if the macroeconomic indicators were to harden.
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