Arthur Hayes Reverses ETH Position, Buys Back After $8.3M Sell-Off
BitMEX co-founder Arthur Hayes has seemingly reversed his recent bearish stance on Ethereum, repurchasing a substantial amount of ETH just days after offloading his holdings.
Last week, on-chain data from Arkham Intelligence revealed that Hayes sold 2,373 ETH—valued at approximately $8.32 million—as the asset traded near $3,500. The sale came amid broader liquidations totaling over $13 million, including exits from Ethena (ENA) and the meme coin PEPE. At the time, Hayes cited macroeconomic concerns, including U.S. tariffs and underwhelming jobs data, warning that ETH could fall back to $3,000.
However, less than a week later, Lookonchain data indicates a reversal in strategy. An address linked to Hayes was observed deploying $10.5 million in USDC to repurchase ETH, as the token surged to around $4,200—its highest level since December 2021.
The buyback appears to signal renewed confidence in the market. Hayes confirmed the move in a post on X, stating he “had to buy it all back” alongside an ETH price chart.
While Hayes had previously cautioned against near-term downside risks, his latest actions suggest a shift in sentiment—possibly reflecting a more bullish view on ETH’s trajectory as momentum and liquidity return to the broader crypto market.
