- Former BitMEX CEO, Arthur Hayes, has bought back into ETH to the tune of US$10.5 million after having sold US$8.32 million worth of the cryptocurrency just days earlier at a significantly lower price.
- Hayes’ reversal came after ETH surged significantly after his sell-off, rising from around US$3,507 at the time he sold to over US$4k by the time he bought back in.
- Hayes had previously forecast ETH could surge as high as US$15k this bull run, based on the idea that everyone had thought it was dead and it would now see a resurgence in popularity.
Arthur Hayes, the outspoken former CEO of crypto exchange BitMEX, has demonstrated exactly how to execute the ‘sell low, buy high’ strategy, buying back into ETH this week after having sold off millions of the cryptocurrency just days earlier at a significantly lower price.
On-chain data shows that Hayes sold 2,373 ETH on August 2, at the time valued at around US$8.32 million (AU$12.7m), or US$3,507 per ETH (AU$5.3k). However, on August 9, it appears Hayes had a change of heart, plowing US$10.5 million (AU$16m) into ETH as its price broke through the US$4,100 (AU$6.2k) barrier — a level not seen since the heady days of the 2021 crypto bull run.
“Had to buy it all back, do you forgive me @fundstrat?” Hayes wrote on X, tagging Tom Lee, the CIO at financial research firm Fundstrat. “I pinky swear, I’ll never take profit again,” he added.
Related: Ethereum Has Cemented Its Price Above US$4K: Where to From Here
Hayes Predicted ETH Going As High As US$15k
Speaking on the Bankless podcast back in May, Hayes — who currently serves as CIO at investment firm Maelstrom — said he believes ETH could rally as high as US$15,000 (AU$23k) this bull run.
Hayes didn’t give a technical breakdown for why he believes ETH might surge; instead his argument was based more on human nature and the cyclical dynamics of markets, explaining “everybody thought it [ETH] was dead […] the most hated coin goes up the fastest in the next cycle.”
Related: Arthur Hayes Says Bank Stablecoins to Unlock $6.8 Trillion in U.S. Debt Sales
More recently though, Hayes had been making more bearish noises.
After selling his tranche of ETH on August 2, he said on X that he expects the impact of US tariffs to take the wind out of the crypto market, sending Bitcoin back to US$100k levels and ETH down to US$3k.
Since buying back into ETH on August 9, Hayes hasn’t made any detailed comments on where he sees the crypto market going next, though given the size of his investment it’s fair to say he’s probably now flipped bullish again on ETH.
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