Arthur Hayes Reverses $8.3M ETH Sell-Off, Reenters Market Amid Price Surge

Arthur Hayes, the co-founder of BitMEX, has seemingly walked back his recent bearish stance on ether (ETH), repurchasing millions worth of the asset just days after liquidating his position.

According to on-chain data from Arkham Intelligence, Hayes sold 2,373 ETH—valued at approximately $8.32 million—last week when ether traded near $3,500. At the time, he rotated his position into stablecoins, citing macroeconomic headwinds including U.S. tariffs and disappointing employment figures. He had forecast a possible correction, suggesting ETH might revisit $3,000.

That prediction appears to have changed.

Data surfaced by Lookonchain over the weekend shows that an address linked to Hayes moved $10.5 million in USDC back into ether, with ETH now trading around $4,200—its highest since December 2021.

The reversal follows Hayes’ broader portfolio liquidation last week, which included sales of tokens like Ethena (ENA) and meme coin Pepe (PEPE), totaling more than $13 million.

Despite his earlier warning of a downturn, Hayes now seems to be leaning bullish again. In a post on X, he acknowledged the move with a chart of ETH and the caption, “had to buy it all back.”

The quick pivot signals a shift in sentiment and possibly renewed confidence in ether’s upside potential—even as broader market uncertainty lingers.