BitMEX co-founder Arthur Hayes is once again actively increasing his Ethereum positions. On July 15, he purchased 1,293 ETH worth $2.48 million, and shortly before that, he received another 646 ETH from Galaxy Digital in an over-the-counter deal. The total volume of purchases over the day exceeded 1,900 ETH.
This activity looks particularly notable against the backdrop of Hayes' recent fiasco. Just a few weeks ago, he sold 6,000 ETH at a loss of about $606,000, sparking a wave of discussion in the crypto community. At the time, he explained his exit from several positions — including Worldcoin, Zcash, NEAR, and Hyperliquid — citing high energy prices, listings of AI-sector companies, and political risks for the market.
However, Hayes, known for his tendency toward risky and rapid reversals, did not stay on the sidelines for long. The pattern of his new deal looks like this: first, he sent $1.25 million in USDC to broker FalconX's account, after which Galaxy Digital transferred 646.33 ETH to his wallet. This was followed by another direct purchase — 1,293 ETH through a different channel.
A series of reversals: from SYN to Bitcoin
Hayes' portfolio in 2024 is a series of high-profile but controversial trades. At the end of June, he purchased the Synapse (SYN) utility token for $2.2 million. Since then, the asset has collapsed by more than 55%, and Hayes' position is down about 28% — an unrealized loss of approximately $610,000.
The situation with Bitcoin turned out differently. His BTC forecast of $40,000, announced in June, found confirmation: a major Chinese mining company cited the same level, referencing his analysis. This shows that, despite a series of losing trades in altcoins, Hayes retains influence and his opinion is taken into account by major players.
Cryptalist Analytics: Hayes' behavior is a classic example of high-risk "whale" trading. His rapid entries and exits from positions often create local volatility but are not a reliable indicator of a long-term trend. The new entry into ETH could be either an attempt to recoup losses or a signal that he sees a bottom for the second cryptocurrency. In any case, his wallets are worth watching.