Arthur Hayes has resumed his Ethereum buying spree. The former BitMEX CEO purchased 3,298 ETH worth $6.39 million a few hours ago, according to on-chain data from Lookonchain as of July 28, 2026. This purchase adds to a series of accumulations he has carried out since mid-month.
Since July 15, Hayes’ crypto wallet has accumulated a total of 7,213 ETH. These coins cost $13.87 million in total, putting his average purchase price at $1,923 per token. Despite spending tens of millions of dollars, his portfolio records have yet to yield positive returns.
Based on the difference between his average purchase price and the market price when the data was retrieved, Hayes’ position remains in the red. He is sitting on a loss of around $301,000. This deficit indicates that the crypto macro essayist is building an initial position rather than aiming for quick gains.
Buying Under Pressure
Hayes’ decision to add to his holdings came right as the market faced heavy selling pressure. The price drop pushed Bitcoin below the $64,000 level, triggering $100 million in liquidations in just 60 minutes, according to reports from WatcherGuru.
While most retail market participants were swept away by the downturn, Hayes stepped in. Given his track record as an industry figure, his on-chain activity is often interpreted as a signal by other investors.
This accumulation move aligns with institutional maneuvers. Crypto mining entity BitMine was also detected actively expanding its ETH holdings. The matching moves by Hayes and BitMine suggest they share a positive view on Ethereum’s value, regardless of short-term corrections.
Capital Cushions of Major Players
Ethereum’s current price remains far from its all-time high. However, consistent accumulation by whales and institutions is why some analysts maintain a bullish outlook over the medium term.
For retail readers, following the steps of major players like Hayes requires one key understanding: they have deep pockets to absorb a $301,000 loss today and wait weeks for the trend to reverse. Mimicking their purchase sizes is a mistake if your wallet is not built to handle the same burden.
Reported by @lookonchain on X.
Also read: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
