Arthur Hayes buys $6.39M more ETH as position sits $301K underwater

BitMEX co-founder Arthur Hayes bought 3,298 ETH worth $6.39 million on July 28, extending a buying streak that began July 15.

According to Lookonchain, the purchase was routed through over-the-counter desks at Galaxy Digital and FalconX, avoiding direct market impact. Individual legs in the broader buying streak have ranged from roughly 645 ETH to 1,330 ETH, with the July 28 transaction representing the largest single tranche. The OTC execution means none of the trades hit the open order book in a way that would create visible sell pressure.

Hayes has now accumulated 7,213 ETH at a total cost of $13.87 million, averaging $1,923 per token. The position sits roughly $301,000 underwater after Ethereum's spot price slid from $1,960 to $1,872 hours after the purchase, a 4.5 percent intraday drawdown that coincided with a broader crypto market pullback. The buying streak reverses a June exit where Hayes booked a $606,000 realized loss after selling roughly 6,000 ETH below $1,700. He began re-entering on July 15 as ETH recovered above $1,750.

Whether the position recovers depends on Ethereum reclaiming the $1,900 level lost in the selloff. The Federal Reserve's two-day policy meeting concludes this week, with traders watching for rate signals that could determine near-term direction for risk assets. A failure to reclaim $1,900 could open the door to a retest of the $1,750 to $1,800 range where Hayes' re-accumulation began.

The accumulation aligns with a broader institutional thesis for Ethereum. Fundstrat's Tom Lee has argued that institutions are moving past trading Ethereum toward building on it, citing BlackRock's tokenized fund and Robinhood's ETH-based fee token as structural demand drivers. Hayes' Maelstrom-linked wallet has shown no exit signals since the purchase, according to on-chain trackers monitored by EmberCN.

Hayes has a track record of rapid reversals. He has publicly discussed tokens including Hyperliquid's HYPE, Zcash, and Worldcoin before quietly closing those positions as sentiment shifted. The ETH position is larger in both size and stated conviction than those prior trades, making it a closely watched data point for on-chain analysts monitoring OTC transfer flows in the days following the Fed decision.

This article is for informational purposes only and does not constitute investment advice.