Arthur Hayes buys ETH back at higher prices, pinky swears to never sell

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.