Arthur Hayes, co-founder of BitMEX, disclosed a significant Ethereum trade, selling 2,373 ETH for approximately $8.32 million only to repurchase the same amount later at a higher cost of around $10.5 million.
Hayes expressed regret for deciding to take profit from his Ethereum position, stating emphatically that he would ‘never take profit again’ following this experience.
His actions come amidst substantial institutional accumulation in the Ethereum market. Data indicates institutions have purchased over 1.035 million ETH, valued at roughly $4.17 billion, since July. This buying spree, occurring at an average price near $3,546, has coincided with Ethereum’s recent price recovery.
Despite this strong institutional demand, Hayes issued a cautionary macroeconomic outlook. He warned that prevailing market conditions could potentially drive Bitcoin to $100,000 while simultaneously causing Ethereum to decline to $3,000, highlighting significant volatility risks.