Ethereum’s recent rally has attracted renewed interest from major investors, with BitMEX co founder Arthur Hayes once again accumulating ETH despite selling his previous holdings at significantly lower prices just weeks ago.
As Ethereum pushes above $1,900 and outperforms Bitcoin and several large cap cryptocurrencies, on chain data suggests whales are stepping up their accumulation.
Hayes Reenters the Market
According to blockchain analytics platform Lookonchain, Hayes recently purchased 1,293 ETH worth approximately $2.5 million.
The move has raised eyebrows given his recent trading history. In mid June, Hayes accumulated around 5,900 ETH for roughly $10.58 million over several days before selling his entire position, along with additional holdings, for about $10 million just one day later. The transaction resulted in a loss of more than $600,000.
His latest purchase comes with Ethereum trading above $1,900, noticeably higher than the sub $1,700 level where he exited his previous position, leading some market observers to question his trading strategy.
Hayes has also drawn criticism in recent months for aggressively promoting cryptocurrencies such as HYPE, ZEC, and WLD before later selling his holdings well ahead of the ambitious price targets he had publicly discussed.
Whale Accumulation Continues
Hayes is not the only major investor increasing exposure to Ethereum.
Lookonchain reported that three newly created wallets withdrew nearly $58 million worth of ETH from Coinbase Prime, suggesting continued accumulation by large holders.
The analytics firm concluded that whales remain actively buying Ethereum despite the recent price surge.
Institutional investment firm Abraxas Capital has also adjusted its portfolio in favor of ETH. Earlier this week, wallets linked to the firm transferred approximately $40 million worth of Bitcoin to Kraken before using a significant portion of those funds to acquire Ethereum.
According to Lookonchain, Abraxas later withdrew 8,153 ETH from the exchange, adding further evidence that large investors continue rotating capital into Ethereum as bullish momentum builds.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
