On July 15, BitMEX founder Arthur Hayes made a major Ethereum purchase, acquiring 1,293 ETH worth $2.48 million. This transaction followed the receipt of 646 ETH from Galaxy Digital, totaling nearly 1,900 ETH in a single day.
This operation is notable against the backdrop of Hayes' previous actions: just a few weeks ago, he sold 6,000 ETH at a loss of about $606,000. Such a change of course demonstrates the mixed position management strategy characteristic of this trader in 2024.
Two Waves of Purchases in a Day
As a first step, Hayes transferred $1.25 million in USDC to a FalconX broker account. Minutes later, Galaxy Digital credited 646.33 ETH ($1.24 million) to his wallet, which analysts consider a likely over-the-counter deal. Later, he purchased another 1,293 ETH ($2.48 million), bringing the total purchase volume to 1,900 ETH.
At the time of writing, Ethereum is trading around $1,920, showing a daily increase of 2.79%. The asset's market capitalization firmly holds at $231 billion.
A Series of Reversals: From SYN to ETH
The new rally in ETH marks a sharp reversal for the businessman. At the end of June, he sold off 6,000 ETH at a loss, despite having built up that position just a few weeks earlier. During the same period, Hayes exited Worldcoin, Zcash, NEAR, and Hyperliquid, citing high energy prices, listings of AI-sector companies, and political risks for the crypto market.
Notable is the story with the SYN token from Synapse: Hayes purchased it for $2.2 million at the end of June, but the asset has since plummeted by more than 55%. His position is currently down about 28%, equivalent to an unrealized loss of $610,000.
Things are better with Bitcoin: his June forecast of $40,000 was confirmed a few weeks later when a major Chinese mining company named the same level.
Expert Commentary: Hayes' actions demonstrate a classic pattern of an institutional trader who is not afraid to lock in losses and quickly change direction. However, his activity in ETH after a recent sell-off could signal a shift in sentiment among major players regarding the second cryptocurrency. If Hayes continues to build his position, it could be a bullish signal for the market, but his mixed track record with altcoins this year should be taken into account.