TLDR
Arthur Hayes sold $8.32 million worth of ETH last week, citing market downturn concerns
Days later, he bought back $10.5 million in ETH as price surged to $4,200
Hayes had previously warned about macroeconomic pressures affecting crypto prices
His quick reversal suggests renewed confidence in ETH’s upside potential
Institutional buyers have accumulated over 1 million ETH worth $4.17 billion since July 10
Arthur Hayes, co-founder of crypto exchange BitMEX, has performed a striking reversal on his Ethereum trading strategy, buying back ETH at a higher price just days after selling a large position worth $8.32 million.
Data from blockchain analytics platforms shows Hayes sold 2,373 ETH last week when the cryptocurrency was trading around $3,500. At the time, Hayes moved the proceeds into stablecoins.
The sale was part of a larger liquidation that included over $13 million in crypto holdings. Hayes also sold $4.62 million in Ethena (ENA) and $414,700 in the meme token Pepe (PEPE).
Market Sentiment Shift
Hayes initially cited U.S. tariffs and disappointing jobs data as reasons for concern. The July Non-Farm Payrolls report showed only 73,000 new U.S. jobs, falling short of expectations.
Based on these factors, Hayes had predicted Bitcoin could test $100,000 and Ethereum might revisit the $3,000 level. He expressed worry that sluggish credit growth in major economies could weigh on nominal GDP and push crypto prices lower.
However, just days after his cautionary move, on-chain data showed Hayes had a change of heart. He moved approximately $10.5 million in USDC stablecoins to purchase ETH at prices above $4,150.
This means Hayes bought back his position at a price roughly 20% higher than where he sold. The unusual move caught attention across crypto social media platforms.
Public Commitment
Hayes seemingly confirmed his ETH purchases in a post on X (formerly Twitter), where he wrote: “Had to buy it all back, do you forgive me @fundstrat?” The message was directed at Tom Lee, co-founder and head of research at FS Insight by Fundstrat.
In the same post, Hayes jokingly added, “I pinky swear, I’ll never take profit again,” alongside an ETH price chart. The humorous tone suggested Hayes recognized the irony of his quick trading reversal.
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 BitMEX co-founder currently serves as chief investment officer of Maelstrom Fund. His trading moves are closely watched by market participants who view him as an influential voice in the crypto space.
Institutional Buying Pressure
Hayes’ change in position comes amid strong institutional interest in Ethereum. According to data from EmberCN, more than 1.035 million ETH (worth approximately $4.17 billion) has been accumulated by unknown whales and institutions since July 10.
This buying pressure has helped drive ETH prices from $2,600 to over $4,000 within a month, representing a 45% increase. The average acquisition price for these institutional holdings is estimated at around $3,546.
EmberCN analysts believe most of the ETH amassed by these addresses likely belongs to institutions or U.S. public companies building ETH reserves. This excludes entities with publicly known addresses, such as SBET.
从 7/10 以来一个月的时间，超过 103.5 万枚的 $ETH ($41.67 亿) 被多个未知的巨鲸/机构通过交易所或机构业务平台等渠道囤积。
ETH 价格也在这一个月里，从 $2,600 涨到了 $4,000，涨幅 45%。
这些地址囤积的 ETH 里多数应该是属于机构或做 ETH 储备的美股公司 (不包括 SBET，SBET… pic.twitter.com/c9GHpvNhsa
— 余烬 (@EmberCN) August 9, 2025
The price of Ethereum has continued its upward momentum, reaching $4,200 at the time of Hayes’ buyback. This marks the first time ETH has traded above $4,000 since December 2024.
Hayes’ quick reversal highlights the volatile nature of crypto markets and the challenges faced by even experienced traders in predicting short-term price movements. Despite his earlier macroeconomic concerns, the market’s strong performance appears to have changed his outlook.
The Ethereum rally occurs as the broader crypto market shows strength, with Bitcoin trading above $120,000. Hayes’ public acknowledgment of his trading reversal has resonated with many in the crypto community who face similar challenges timing market movements.
