Arthur Hayes ‘Had to Buy It All Back’ After Selling $8.3M Worth of ETH
Main Idea
Arthur Hayes, co-founder of BitMEX, sold $8.32 million worth of ether (ETH) citing market downturn concerns but quickly bought it back, suggesting renewed optimism in ETH's upside.
Key Points
1. Arthur Hayes sold 2,373 ETH worth $8.32 million last week, moving into stablecoins due to market downturn concerns.
2. Hayes later bought back ETH with $10.5 million in USDC, with ETH's price rising to around $4,200.
3. Hayes initially cited U.S. tariffs and weak jobs data as headwinds for crypto, predicting BTC could test $100,000 and ETH could decline.
4. Hayes confirmed the ETH buyback in an X post, stating he 'had to buy it all back' while sharing an ETH price chart.
Description
Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have reversed course on a major ether (ETH) trade just days after warning of a market downturn. Last week, data from Arkham Intelligence showed that Hayes sold 2,373 ETH worth around $8.32 million, when the second-largest cryptocurrency was trading near $3,500 and moved into stablecoins. This weekend, however, he seems to have a change of heart. Hours ago, data first spotted by Lookonchain showed an address linked to Hayes moved out ...
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