Arthur Hayes is not done buying yet. The former top BitMEX executive recently added 644.34 ETH worth $1.25 million to his portfolio. According to on-chain tracking data from @lookonchain on X, the transaction executed eight hours ago continues a steady buying pattern by one of the crypto industry’s most influential figures.
Over the past eight days, Hayes’ crypto wallet has consistently absorbed Ethereum supply from the market. The total assets he accumulated have now reached 3,270 ETH, valued at approximately $6.27 million. Through repeated purchases, he secured an average entry price of $1,917 per token. This places his breakeven point slightly below Ethereum’s current trading price near $1,937 - a range currently in a recovery phase following the AFX exploit incident.
Confidence Signals Breaking Past $2,000
In the crypto sector, movements in Hayes’ wallet are widely tracked as an indicator of market sentiment. His decision to accumulate Ethereum around the $1,917 level signals strong conviction that the asset is poised to break through the psychological $2,000 barrier. This sentiment aligns with institutional capital entering through different avenues.
Ethereum ETF products recently recorded $37 million in fresh inflows, helping push prices closer to upper resistance levels. Beyond official institutional channels, anonymous heavyweights are showing similar behavior. On-chain data indicates a whale wallet labeled 0x2684 has quietly accumulated $132 million worth of ETH and WBTC. The convergence of accumulation by Hayes, ETF products, and anonymous whales is building a solid demand floor for Ethereum.
Why Big Money Is Rotating Away From Bitcoin
The whales’ decision to deploy millions into Ethereum is closely tied to macroeconomic conditions. Bitcoin is currently stalled and declining toward the $65,500 level. The largest digital asset is pressured by a combination of global geopolitical tensions and rising bond yields, which are siphoning liquidity from risk-on markets.
This dynamic makes Ethereum appear more attractive on a relative value basis. For well-capitalized investors seeking strategic allocation, Ethereum offers clear recovery momentum. Hayes identified this opening and responded by establishing positions before prices potentially surge.
For traders closely monitoring moves by industry pioneers like Hayes, the signal is straightforward. When major players willingly deploy capital to absorb supply amid macro headwinds, they are building a price floor. They are accumulating today with the belief that crossing the two-thousand-dollar mark is merely 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.
