Arthur Hayes, co-founder of BitMEX and cryptocurrency executive, executed a large-scale repurchase of Ethereum (ETH) tokens this weekend, according to on-chain analytics. Approximately 2,373 ETH were acquired at prices above $4,150, funded by $10.5 million in USDC transfers across multiple transactions. The buyback follows a series of sales executed at lower price points, in which 2,373 ETH were offloaded near $3,507, locking in $8.32 million in profit.
The timing of the transactions coincided with ETH’s recent rally, which saw prices surge past $4,000 for the first time since December 2024. The reversal of position by Hayes occurred amid heightened volatility and substantial short-liquidation events across major exchanges. Data indicates that over $207 million in short positions were liquidated on Aug. 9, contributing to upward momentum in ETH pricing.
In a public post on the social platform X, Hayes addressed his abrupt change in strategy: “Had to buy it all back, do you forgive me @fundstrat? I pinky swear, I’ll never take profit again.” This statement underscores a shift in risk management and confidence in further price appreciation for ETH.
Market analysts have interpreted Hayes’s buyback as a signal of renewed institutional interest in Ethereum’s long-term prospects. The acquisition of a sizeable ETH position at higher prices suggests an expectation of continued bullish sentiment. However, some observers caution that substantial profit-taking at elevated price levels could lead to short-term consolidation, given historical patterns of volatility around key technical milestones.
This event also highlights the growing trend of high-net-worth individuals and institutional entities employing on-chain trading strategies to adjust portfolio exposures rapidly. The flexibility to move between stablecoins and major cryptocurrencies like ETH enables swift tactical maneuvers in response to market shifts.
Overall, Hayes’s public buyback and accompanying vow mark a notable episode in the evolving narrative of cryptocurrency market behavior, blending personal conviction with transparent on-chain execution. The implications for broader investor sentiment remain under observation as Ethereum continues its upward trajectory.
Comments (0)