TLDR
- Arthur Hayes sold $8.32 million worth of ETH at around $3,500, citing market downturn concerns
- Hayes bought back $10.5 million in ETH just days later at prices above $4,150
- The BitMEX co-founder posted on X saying he “had to buy it all back” and promised to never take profit again
- Hayes had previously warned Bitcoin could drop to $100,000 and Ether to $3,000 due to economic pressures
- Institutions have accumulated over $4.17 billion worth of ETH since July 10
Arthur Hayes, co-founder of crypto exchange BitMEX, has executed a rapid reversal on his Ethereum position. The crypto veteran bought back into ETH at higher prices just days after selling millions worth of the cryptocurrency.
Last week, Hayes sold 2,373 ETH worth approximately $8.32 million when the token was trading near $3,500. Data from Arkham Intelligence tracked the transaction as Hayes moved his holdings into stablecoins. The sale came as part of a broader liquidation strategy that saw Hayes offload over $13 million in various crypto assets.
The BitMEX co-founder cited multiple economic concerns for his selling decision. He pointed to potential U.S. tariffs and disappointing jobs data as headwinds for the crypto market. The July Non-Farm Payrolls report showed only 73,000 new jobs, well below expectations.
Hayes predicted that these macro pressures could push Bitcoin down to $100,000 and Ether to $3,000. He warned that sluggish credit growth in major economies could weigh on nominal GDP. This outlook prompted his decision to reduce crypto exposure across multiple tokens.
Hayes Reverses Course on Ethereum
Over the weekend, Hayes changed his position dramatically. Blockchain data from Lookonchain showed an address linked to Hayes moving $10.5 million in USDC to purchase ETH. The buyback occurred with Ethereum trading above $4,150, marking a higher entry point than his previous exit.
Hayes confirmed the purchase on X, posting “had to buy it all back” while sharing an Ethereum price chart. He tagged Tom Lee from Fundstrat in his message, asking for forgiveness. Hayes added a promise to “never take profit again” in what appeared to be a lighthearted admission of his trading miscalculation.
Had to buy it all back, do you forgive me @fundstrat ?
I pinky swear, I'll never take profit again.
😘😘😘😘😘 pic.twitter.com/jRWfaCEPE6
— Arthur Hayes (@CryptoHayes) August 9, 2025
The quick reversal came as Ethereum rallied from around $3,500 to approximately $4,200. This price movement meant Hayes bought back at roughly 18% higher prices than where he sold. His original sale of $8.32 million became a $10.5 million repurchase within days.
Institutional Activity Supports Ethereum Rally
Hayes’ buyback coincided with broader institutional accumulation in Ethereum. Data from EmberCN shows that unknown whales and institutions have accumulated over 1.035 million ETH since July 10. This represents approximately $4.17 billion worth of Ethereum at current prices.
The institutional buying activity occurred through exchanges and institutional trading platforms. Most addresses appear to belong to institutions or U.S. public companies building ETH reserves. The average acquisition price for these holdings is estimated around $3,546.
Ethereum has climbed from $2,600 to over $4,000 within the past month. This represents a 45% increase during a period of heavy institutional accumulation. The price rally has coincided with increased whale activity and institutional interest.
Hayes had also sold other crypto positions as part of his broader liquidation strategy. He offloaded $4.62 million in Ethena tokens and $414,700 in Pepe meme tokens. These sales were part of his attempt to reduce crypto exposure ahead of anticipated market weakness.
The crypto market has shown resilience despite Hayes’ initial concerns about macroeconomic headwinds. Ethereum’s rally to $4,200 has pushed the token to levels not seen since December 2024, with institutional buyers continuing to accumulate positions at higher price levels.
