Arthur Hayes bought 3,298 more Ether (ETH) worth $6.39 million hours before Ethereum’s spot price slid from $1,960 to $1,872.

The purchase extends a buying streak that began July 15. Hayes has now spent $13.87 million on 7,213 ETH at an average price of $1,923, leaving him roughly $368,000 underwater.

A Buying Streak Built in Pieces

Hayes assembled the position through a string of over-the-counter trades. Onchain trackers flagged transfers to Galaxy Digital, FalconX, and Cumberland since mid-July. Single purchases ranged from roughly 645 ETH to about 1,330 ETH.

The accumulation followed a reversal. Hayes closed his ETH position in late June at a loss of about $606,000. He then started rebuying on July 15, as Ether recovered above $1,750.

Hayes’ rebuilding lines up with a broader institutional case for Ether. Fundstrat’s Tom Lee has made a similar argument, saying institutions are moving past simply trading Ethereum toward building on it. His Ethereum bull case points to BlackRock’s tokenized fund and Robinhood’s ETH-based fee token.

Ether Slides With the Broader Market

Ether’s drop came as broader crypto markets pulled back Tuesday. The Federal Reserve’s two-day policy meeting concludes this week, and traders are watching for signals on interest rates.

Whether this marks a bottom or another early entry is unclear. That depends on whether Ether can reclaim the $1,900 level it lost in the selloff.

A Track Record of Bold Reversals

The Bitmex co-founder built his reputation on bold trades. He often exits a position just as fast as he enters it.

Hayes has talked up tokens like Hyperliquid’s HYPE, Zcash, and Worldcoin in the past. He then quietly closed those positions once sentiment turned.

Hayes and his Bitmex co-founders pleaded guilty in 2022 to Bank Secrecy Act violations tied to the exchange’s anti-money-laundering failures. President Trump pardoned all three in March 2025, wiping out the convictions.

Source: BeInCrypto