Ethereum News Today: Arthur Hayes Reverses ETH Position, Buys Back at 17% Higher Price

Arthur Hayes, co-founder of BitMEX and a prominent figure in the cryptocurrency space, has made a high-profile reversal in his Ethereum (ETH) position, buying back the asset at prices significantly higher than his previous exit point. The move came just a week after he sold 2,373 ETH, valued at approximately $8.32 million at the time, locking in profits as the token traded near $3,507 [1]. On Saturday, Hayes transacted $10.5 million in USDC to purchase ETH at prices above $4,150—more than 17% higher than his earlier sale price [2].

Hayes shared the news on X with a lighthearted tone, writing, “Had to buy it all back, do you forgive me @fundstrat?” and adding, “I pinky swear, I’ll never take profit again,” a humorous nod to his commitment to holding the asset [2]. The reversal coincided with Ethereum’s recent price surge, which had climbed from $2,600 to over $4,000 in a month [3].

The transaction has drawn attention not only for its scale but also for its visibility. Hayes, who serves as chief investment officer of Maelstrom Fund, has previously voiced concerns about macroeconomic pressures potentially dragging Bitcoin and Ether lower, but his public buyback at elevated levels suggests a more optimistic near-term outlook. The move also highlights the increasing role of individual traders in shaping market sentiment, particularly in the highly speculative crypto space [2].

Hayes’ reversal is reflective of broader trends in the market, where high-profile traders often share their positions publicly on social media. His transparent approach, while not necessarily a model for all investors, provides insight into how even experienced traders navigate rapid price swings and market uncertainty. It also underscores the psychological and emotional aspects of trading—how public statements can influence perceptions, and how personal commitments, even playful ones, can become part of broader market narratives [2].

In recent weeks, other large-scale Ethereum accumulation has been observed, with over 1.035 million ETH—valued at $4.17 billion—being scooped up by institutional and whale accounts since July 10 [3]. This buying activity, coupled with Hayes’ public position reversal, signals continued interest in Ethereum, particularly as the asset enters a period of increased institutional engagement.

While Hayes’ pinky swear is a humorous gesture, the broader implications of his actions remain to be seen. Whether this signals a shift in market sentiment or simply a personal trading adjustment, the event has added another layer of narrative to the already volatile and dynamic crypto landscape [2].

Sources:

[1] Cointelegraph - Arthur Hayes buys ETH back at higher prices, pinky swears to never sell

(https://cointelegraph.com/news/arthur-hayes-eth-buyback-higher-price)

[2] Arthur Hayes (@CryptoHayes) / X

(https://x.com/cryptohayes?lang=en)

[3] CoinMarketCap - Ether price hits $4K for first time since December 2024

(https://coinmarketcap.com/community/articles/689741d195ae0101e42a4e07/)