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Arthur Hayes ‘Had to Buy It All Back’ After Selling $8.3M Worth of ETH
The quick buyback suggests Hayes may see renewed upside in ether, contradicting his earlier prediction of a market downturn.
Aug 9, 2025, 3:42 p.m.
What to know:
- Arthur Hayes, co-founder of BitMEX, sold $8.32 million worth of ether (ETH) last week, citing market downturn concerns.
- However, Hayes appears to have reversed course, buying back $10.5 million worth of ether just days later as the price surged to $4,200.
- The quick buyback suggests Hayes may see renewed upside in ether, contradicting his earlier prediction of a market downturn.
Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have reversed course on a major ether trade just days after warning of a market downturn.
Last week, data from Arkham Intelligence showed that Hayes sold 2,373 ETH worth around $8.32 million, when the second-largest cryptocurrency was trading near $3,500 and moved into stablecoins.
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This weekend, however, he seems to have a change of heart.
Hours ago, data first spotted by Lookonchain showed an address linked to Hayes moved out of $10.5 million in USDC to buy back ether, with the price of the cryptocurrency now hovering around $4,200.
The move comes after Hayes liquidated over $13 million in crypto holdings last week, including and meme token pepe (PEPE).
At the time, he cited U.S. tariffs and weaker-than-expected jobs data as headwinds for crypto, predicting bitcoin could test $100,000 and ether could revisit $3,000.
Yet Hayes’ quick buyback suggests he may see renewed upside in ether. Hayes seemingly confirmed the acquisition of ETH in a post on X, saying he “had to buy it all back” while sharing an ether price chart.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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