Ethereum Tops $4K As Hayes Reloads

In a few days, Arthur Hayes, co-founder of BitMEX, made a turn that is making the entire crypto sphere react. After selling several million dollars worth of Ether, he returned to the market… at a significantly higher price. An unexpected choice, in the middle of Ethereum’s bullish rally, which intrigues as much as it raises questions about his real motivations and the future of the market.

A spectacular buyback

Arthur Hayes sold 2,373 ETH for about $8.32 million, while the price was around $3,507. A week later, while ETH crossed $4,000 for the first time since December 2024 , he injected $10.5 million, through several USDC transactions, to buy back the crypto at a price above $4,150.

On the social network X (formerly Twitter), he commented on this turnaround with a humorous tone, addressing Tom Lee from Fundstrat : “I had to buy it all back, will you forgive me?” before ironically promising : “I swear on my pinky, I will never take profits again.”

Here are the important facts of this operation :

• The amount of the initial sale : 2,373 ETH for about $8.32M at an average price of $3,507 ;
• The amount of the buyback : $10.5M in USDC converted into ETH at more than $4,150 ;
• The timing : only one week between the sale and the buyback.

Such a contrast between his recent exit and this rushed return at a higher price has triggered many reactions in the ecosystem, some seeing it as an emotional decision, others as a calculated bet on the rally continuation.

Between macroeconomic warnings and institutional flows

A few days before this buyback, Hayes, now Chief Investment Officer of the Maelstrom Fund, was warning about a market pullback.

Relying on the disappointing US employment report in July, only 73,000 new jobs, and on the slowdown in credit growth in major economies, he estimated that these macroeconomic tensions could bring bitcoin towards $100,000 and ETH around $3,000.

In this light, he had sold more than $13 million in assets, including, beyond ETH, positions in Ethena (ENA) and Pepe (PEPE).

At the same time, data from EmberCN show that since July 10, more than 1.035 million ETH, or $4.17 billion, have been accumulated by mostly institutional entities or large American companies, at an estimated average price of $3,546. This massive buying flow coincides with a 45 % increase in ETH over one month, from $2,600 to $4,000.

This combination of macroeconomic alerts and institutional bullish signals illustrates a crypto market under tension, torn between fears of correction and prospects of trend continuation. Arthur Hayes’s turnaround could be interpreted as an opportunistic position taking facing the influx of capital into ETH , but also as a risky bet if macroeconomic indicators were to harden.