Arthur Hayes buys ETH back at higher prices, pinky swears to never sell
Main Idea
Arthur Hayes repurchased Ethereum at higher prices after selling a significant amount a week prior, vowing to never take profits again, while institutional buying of ETH surged.
Key Points
1. Arthur Hayes sold 2,373 ETH worth $8.32 million at around $3,507 per ETH, then bought back at prices above $4,150, spending $10.5 million in USDC.
2. Hayes publicly stated on X that he would 'never take profit again,' tagging Tom Lee of FS Insight.
3. Institutional investors purchased over 1.035 million ETH worth $4.17 billion since July 10, with an average acquisition price of around $3,546.
4. Ethereum's price surged from $2,600 to $4,000 within a month, a 45% increase, coinciding with the buying spree.
5. Hayes initially sold ETH and other cryptocurrencies anticipating macroeconomic weakness, including a disappointing July Non-Farm Payrolls report.
Description
A week after selling $8.3 million in ETH, Arthur Hayes bought back at a higher price, telling Crypto Twitter he’ll “never take profit again.”
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