Hayes Buys Back ETH After $8.3M Sell-Off: Market Reversal?
Arthur Hayes Reverses Course, Buys Back ETH
Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have made a U-turn on a significant Ether (ETH) trade. This comes just days after he signaled a potential market downturn.
Last week, data from Arkham Intelligence indicated that Hayes sold 2,373 ETH, valued at approximately $8.32 million, when the cryptocurrency was trading near $3,500. He then reportedly moved those funds into stablecoins.
Sudden Change of Heart
However, recent data spotted by Lookonchain reveals that an address linked to Hayes moved $10.5 million in USDC to repurchase Ether. The price of ETH is currently hovering around $4,200.
This move follows Hayes' liquidation of over $13 million in crypto assets last week, which included tokens like Ethena and Pepe. At the time, he cited concerns about U.S. tariffs and weaker-than-expected jobs data as potential headwinds for the crypto market. Hayes had suggested that Bitcoin could test $100,000, while Ether might revisit the $3,000 level.
Why the Reversal?
Hayes' quick buyback suggests a possible renewed optimism regarding Ether's potential. Hayes seemingly confirmed the ETH acquisition on X, stating he “had to buy it all back” while sharing an Ether price chart.