Arthur Hayes Buys Back Into Ethereum Weeks After Selling 6,000 ETH at a Loss
Arthur Hayes purchased 1,293 ETH ($2.48 million) on Wednesday, July 15, after receiving 646 ETH ($1.24 million) from Galaxy Digital quickly earlier than, on-chain knowledge reveals. The strikes mark a reversal weeks after he bought 6,000 ETH at a loss.
The reversal additionally provides to a string of controversial trades this 12 months. Hayes has constructed a repute for making daring, high-profile calls on tokens like SYN, HYPE, ZEC, NEAR, and WLD, solely to exit or reverse a number of of them shortly after, drawing scrutiny over his sample of shopping for loud and promoting quiet.
Two ETH Buys in One Day
Hayes first despatched $1.25 million USDC to prime dealer FalconX first. Minutes later, Galaxy Digital despatched 646.33 ETH ($1.24M) to his pockets, a sample Onchain Lens flagged as a doubtless over-the-counter commerce.
Not lengthy later, Hayes was seen buying 1,293 ETH ($2.48M) which brings his single-day purchase whole above 1,900 ETH.
Ether trades close to $1,920 at publication, up 2.79% over the previous day, in keeping with BeInCrypto’s Ethereum price tracker. Ethereum’s market capitalization stands close to $231 billion, nonetheless rating second amongst all cryptocurrencies.
A Track Record of Reversals
The shopping for spree marks a sharp reversal. Hayes sold 6,000 ETH at an estimated $606,000 loss in late June, simply weeks after constructing that place. Around the identical time, he exited Worldcoin, Zcash, NEAR, and Hyperliquid, citing power costs, AI-linked IPOs, and political uncertainty as dangers to crypto markets.
Hayes additionally purchased $2.2 million worth of Synapse’s SYN token in late June. SYN has since fallen greater than 55%, leaving Hayes roughly 28% underwater on a $610,000 unrealized loss.
He has fared higher on Bitcoin. His $40,000 bottom prediction from June discovered an echo weeks later, when a major Chinese mining firm projected a comparable ground citing him.
Whether this ETH purchase fares higher than his SYN commerce, or matches Ethereum’s broader July setup, will present within the coming weeks.
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