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

2 weeks ago

BitMEX co-founder and Bitcoin billionaire Arthur Hayes has bought backmost into Ethereum conscionable a week aft selling a ample tranche.

Onchain information shows that Hayes offloaded 2,373 Ether (ETH), worthy astir $8.32 cardinal astatine the time, erstwhile the token was trading adjacent $3,507. The sale, which occurred astir a week ago, locked successful profits earlier Ether’s latest rally.

In a reversal, the crypto expert moved retired $10.5 cardinal successful USDC (USDC) crossed aggregate transactions connected Saturday, with the stablecoins directed toward purchasing ETH astatine prices supra $4,150, importantly higher than his earlier exit point.

“Had to bargain it each back, bash you forgive maine @fundstrat?” helium wrote connected X, tagging Tom Lee, the co-founder and caput of probe astatine FS Insight by Fundstrat. “I pinky swear, I’ll ne'er instrumentality nett again,” helium added.

Hayes warns of crypto drop

Last week, Hayes, who is main concern serviceman of Maelstrom Fund, warned that mounting macroeconomic pressures could propulsion Bitcoin (BTC) backmost toward $100,000.

Citing renewed tariff fears aft the anemic July Non-Farm Payrolls report, which showed lone 73,000 caller US jobs, Hayes said sluggish recognition maturation successful large economies could measurement connected nominal GDP and propulsion Bitcoin and Ether little toward $100,000 and $3,000, respectively.

In anticipation, Hayes sold implicit $13 cardinal worthy of crypto, including $8.32 cardinal successful ETH, $4.62 cardinal successful Ethena (ENA), and $414,700 successful Pepe (PEPE).

Institutions scoop up $4.17 cardinal successful ETH

Since July 10, much than 1.035 cardinal ETH, worthy astir $4.17 billion, has been accumulated by a clump of chartless whales and institutions done exchanges and organization trading platforms, according to information accumulated by EmberCN.

The surge successful buying enactment coincided with Ethereum’s beardown terms rally, climbing from $2,600 to $4,000 wrong the month, a 45% increase.

EmberCN said astir of the ETH amassed by these addresses is apt held by institutions oregon US nationalist companies gathering ETH reserves, excluding entities similar SBET whose addresses are publically known. The mean acquisition terms for these holdings is estimated astatine astir $3,546.

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