The co-founder of BitMEX, which recently announced its upcoming closure, continues with his substantial Ethereum purchases as the asset has suddenly become a fan favorite.

ETH has gained momentum over the past few weeks, trading close to $2,000 for the first time in months. Naturally, big price predictions have started to reemerge.

Hayes Adds More

Arthur Hayes has demonstrated a slightly controversial behavior toward the largest altcoin in the past month or so. As reported just a few weeks ago, he disposed of his entire stash for more than $10 million at average prices of under $1,700. The problem was that he accumulated this fortune at prices of over $1,900.

Once the cryptocurrency rebounded and flew past $1,900 later in the month, Hayes started to reaccumulate. Data from Lookonchain shows that he has spent roughly $7.5 million since July 15 to purchase a total of 3,915 ETH.

The latest buy came hours ago, in which he splashed $1.2 million to add 645 tokens to his stash. Interestingly, his average accumulation price is still just over $1,900 per ETH.

$4K ETH?

Doctor Profit is a popular crypto analyst who nailed some of the recent corrections, including the big crash from $126,000. Now, though, he appears to have changed his tune, becoming a lot more bullish on the entire industry. Interestingly, his bullish outlook has translated mostly to Ethereum.

In a post from earlier today, he explained that ETH has become a larger portion of his crypto portfolio than BTC for the first time ever.

“In previous cycles, ETH represented only around 10% of my BTC and ETH portfolio. Last week, I increased it to 20%. Today, I am raising it to 60%. Read that again: for the first time in my entire trading history, I will hold more Ethereum than Bitcoin for this cycle.”

His full explanation of why will be “shared in the right moment.” However, in another post, he predicted that the largest altcoin can rally to $4,000, which has propelled this “extreme” bet on ETH.

Source: CryptoPotato