Arthur Hayes is not done shopping. The former top BitMEX executive has just added 644.34 ETH worth $1.25 million to his portfolio. According to on-chain tracking data from @lookonchain on X, the transaction from eight hours ago continues a steady buying pattern by one of the crypto industry’s most influential figures.
Over the past eight days, Hayes’s crypto wallet has continually absorbed Ethereum supply from the market. The total assets he has accumulated now reach 3,270 ETH, equivalent to $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 of around $1,937 - a price range currently on a recovery trend following the AFX exploit incident.
A Signal of Confidence to Break Past $2,000
In the crypto world, movements in Hayes’s wallet are often watched as an indicator of market sentiment. His decision to accumulate Ethereum around $1,917 demonstrates confidence that the asset is ready to cross the $2,000 psychological threshold. This conviction aligns with institutional inflows arriving through different channels.
Ethereum ETF products recently recorded $37 million in fresh inflows, helping push prices closer to the upper threshold. Beyond official institutional channels, anonymous whales are displaying similar behavior. On-chain data shows a whale wallet labeled 0x2684 quietly accumulating ETH and WBTC worth up to $132 million. This confluence of buying from Hayes, ETF products, and anonymous whales builds a solid demand foundation for Ethereum.
Why Big Money Is Stepping Back from Bitcoin
The choice by whales to deploy millions of dollars into Ethereum is closely tied to macroeconomic conditions. Bitcoin is currently stalled and weakening toward 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 markets.
This dynamic makes Ethereum appear more attractive on a relative value basis. For well-capitalized investors looking for capital deployment opportunities, Ethereum offers clear recovery momentum. Hayes recognized this opening and responded by establishing a buying position before the asset’s price truly takes off.
For day traders closely monitoring pioneers like Hayes, the message is clear. When major players are willing to spend cash to absorb supply amid macro pressures, they are building a price floor. They are buying today because they believe reaching two thousand dollars is only a matter of time.
Reported by @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.
