BitMEX co-founder Arthur Hayes is back in the spotlight. On July 15, he purchased 1,293 ETH worth $2.48 million, shortly after receiving 646 ETH ($1.24 million) from Galaxy Digital. The total volume of his one-time purchases exceeded 1,900 ETH, indicating a serious appetite for risk. However, it is worth remembering: a few weeks ago, Hayes sold 6,000 ETH at a loss of approximately $606,000.
Double ETH Trade: Details
First, Hayes transferred $1.25 million in USDC to broker FalconX's account. Almost instantly, Galaxy Digital sent 646.33 ETH to his wallet — a typical over-the-counter (OTC) deal scenario. Shortly after, he purchased an additional 1,293 ETH, bringing the total volume to an impressive 1,939 ETH. At the time of writing, Ethereum is trading around $1,920, with a daily increase of 2.79%, and the asset's market capitalization remains steady at $231 billion.
Hayes' Swings: From Losses to New Bets
The new ETH rally marks a sharp change in direction. At the end of June, Hayes sold off 6,000 ETH at a loss, despite having built up that position just a few weeks earlier. At that time, he also exited Worldcoin, Zcash, NEAR, and Hyperliquid, citing high energy prices, listings from AI-sector companies, and political risks. But by early July, he began aggressively buying again.
His position in the SYN token (Synapse) is a stark example of a risky approach. He invested $2.2 million, but since then, SYN has crashed by more than 55%, and his unrealized loss now stands at around $610,000. He fared better with Bitcoin: the $40,000 forecast he made in June was confirmed a few weeks later when a major Chinese mining company named the same level.
From a professional analysis perspective, Hayes' actions resemble a "dollar-cost averaging" strategy in a falling market — extremely risky for non-professionals but justified when confident in long-term growth. His recent ETH purchases may signal belief in a bullish reversal, but a series of losing trades with altcoins raises questions about capital management discipline. The market will show who is right.