Arthur Hayes buys $2.5M in Ethereum as futures data backs bullish case

BitMEX co-founder Arthur Hayes accumulated $2.5M in Ethereum as derivatives data showed leveraged traders adding to long exposure.

BitMEX co-founder Arthur Hayes acquired 1,290 Ether valued at approximately $2.5 million through FalconX, on-chain data shows, adding whale conviction to a market already showing strengthening derivatives activity. Ethereum rose 13.5% over the past 30 days to $1,924.88 as of 06:30 UTC on July 23, following a confirmed breakout above $1,800 resistance that formed a double-bottom pattern near $1,550.

"Hayes first deposited funds before completing the purchase, indicating a deliberate accumulation strategy rather than speculative trading," on-chain monitoring account OnchainLens posted on X. The transaction drew attention because Hayes has historically entered positions during periods of market uncertainty.

Derivatives data reinforced the bullish picture. Open Interest across all exchanges climbed 2.2% to 11.97 billion, while Funding Rates surged 3,092% to 0.003479 within 24 hours, according to Coinglass. Those figures confirmed that leveraged traders were paying a premium to maintain long exposure. However, Spot netflows turned positive at $5.58 million, indicating more Ether reached exchanges than left them during the latest session — a modest shift that interrupted a recent trend of exchange outflows.

Ethereum now faces its next test at $1,945 resistance. The Directional Movement Index showed the +DI at 25.51 versus the -DI at 18.48, with the ADX measuring 22.29, indicating trend strength is gradually improving. A sustained move above $1,945 could open the path toward $2,145, while a rejection would likely send Ether back to $1,830 support before buyers attempt another breakout.

US-listed Ethereum ETFs recorded approximately $185 million in combined net inflows over a four-day streak through July 17, according to SoSoValue data, with BlackRock's ETHA leading at $135 million. Large on-chain transactions have provided another bullish signal: Lookonchain reported that a newly created wallet withdrew 10,000 Ether worth $18.6 million from Binance before staking the entire amount, while three other wallets withdrew a combined 30,000 Ether from Coinbase Prime days earlier.

Standard Chartered maintains one of Wall Street's most bullish Ethereum forecasts, predicting Ether could reach $10,000 by the end of 2027 and $40,000 by 2030, driven by the network's dominance in stablecoins and tokenized real-world assets. The bank estimates that approximately 54% of stablecoins and 62% of tokenized assets are hosted on Ethereum.

Still, trading volumes remain historically low at about $10 billion, accounting for 4.5% of Ethereum's circulating market cap. The 7-day and 30-day moving averages for volume have moved in parallel and distanced significantly from each other, indicating steadily declining participation. Low participation across spot and futures markets reduces the odds of a sustained breakout, suggesting Ethereum could spend time consolidating before the next leg higher.

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