BitMEX co-founder Arthur Hayes continues to demonstrate a volatile trading style. On July 15, he made two large purchases of Ethereum, spending a total of approximately $3.72 million. The first transaction was conducted via FalconX: Hayes sent $1.25 million in USDC, after which Galaxy Digital transferred 646.33 ETH to his wallet. The second deal took place a little later — another 1,293 ETH were acquired for $2.48 million. Thus, the total volume of coins purchased in a single day exceeded 1,900 ETH.
This maneuver looks particularly sharp against the backdrop of a recent fiasco. Just a few weeks earlier, at the end of June, Hayes sold 6,000 ETH at a loss of about $606,000, explaining it by high energy prices, listings of AI-sector companies, and political risks for the crypto market. At that time, he also exited positions in Worldcoin, Zcash, NEAR, and Hyperliquid. However, as we can see, his view on Ethereum has changed dramatically.
Mixed statistics for 2024
Hayes's portfolio this year resembles a roller coaster. In addition to Ethereum, he actively trades altcoins. At the end of June, he purchased the utility token Synapse (SYN) for $2.2 million. Since then, the asset has crashed by more than 55%, and Hayes's position is currently down about 28%, equivalent to an unrealized loss of $610,000.
With Bitcoin, things turned out somewhat differently. His June forecast of BTC falling to $40,000 was confirmed a few weeks later when one of the major Chinese mining companies named the same mark. This adds weight to his analytical insights but does not make him immune to mistakes in short-term trading.
My analysis: Such reversals from Hayes are not uncommon. He acts like a typical major player who is not afraid to lock in losses and immediately re-enter if he sees a new entry point. The current accumulation of ETH may indicate that he considers levels around $1,920 attractive for medium-term accumulation, despite the recent setback. However, the market remains extremely sensitive to macroeconomic factors, and copying his actions without a strategy of your own would be imprudent.