Arthur Hayes is not done buying yet. The former top executive at BitMEX recently added 644.34 ETH worth $1.25 million to his portfolio. According to on-chain tracking data from @lookonchain on X, the transaction, which took place eight hours ago, continues a steady buying pattern executed by one of the crypto industry’s most influential figures.
Over the past eight days, Hayes’s crypto wallet has steadily absorbed Ethereum supply from the market. His total accumulation has now reached 3,270 ETH, valued at $6.27 million. Through repeated purchases, he established an average price of $1,917 per coin. This puts his breakeven point slightly below Ethereum’s current trading price near $1,937 - a price range currently in a recovery trend following the AFX exploit incident.
A Signal of Confidence to Break $2,000
In the crypto world, Hayes’s wallet activity is closely monitored as an indicator of broader market sentiment. His decision to accumulate Ethereum around the $1,917 mark reflects confidence that the asset is gearing up to break past the psychological $2,000 threshold. This optimism aligns with institutional inflows arriving through separate channels.
Ethereum ETF products recently recorded fresh inflows of $37 million, helping push prices closer to upper resistance levels. Beyond official institutional avenues, anonymous whales are exhibiting similar behavior. On-chain data shows a whale wallet tagged 0x2684 quietly accumulating ETH and WBTC worth up to $132 million. This confluence of buying from Hayes, ETF products, and anonymous whales is building a solid demand floor for Ethereum.
Why Big Money Is Moving Away from Bitcoin
Whales’ decision to deploy millions into Ethereum is closely tied to macroeconomic conditions. Bitcoin is currently stalled and weakening around the $65,500 level. The largest digital asset has stumbled under a combination of global geopolitical tensions and rising bond yields, which are draining liquidity from risk assets.
This dynamic makes Ethereum look more appealing on a relative value basis. For deep-pocketed investors seeking opportunities to deploy capital, Ethereum offers distinct recovery momentum. Hayes spotted this opening and responded by establishing buy positions before the asset makes a decisive move higher.
For market participants closely watching trendsetters like Hayes, the signal is clear. When major players willingly deploy cash to absorb supply amid macro headwinds, they are effectively establishing a price floor. They are buying today out of conviction that breaking two thousand dollars is only a matter of time.
Via @lookonchain on X.
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.
