Arthur Hayes resumes large Ethereum purchases ($7.5M of ETH since mid-July) amid bullish forecasts for $4K price targets.
Macro & Markets ·
Arthur Hayes, co-founder of BitMEX, has resumed accumulating Ethereum after selling his holdings weeks earlier. Since mid-July, he has purchased 3,915 ETH for roughly $7.5 million, with his most recent transaction adding 645 tokens for $1.2 million. His average entry price across these buys stands just above $1,900 per ETH, slightly above where he initially disposed of his full position.
Ethereum has climbed near $2,000, reigniting bullish forecasts among traders. Analyst Doctor Profit has made an unusually aggressive call, predicting ETH could reach $4,000, and has rebalanced his portfolio to 60% Ethereum—the first time he holds more ETH than BTC in his trading history. This shift reflects a broader sentiment change toward the asset after it fell significantly in prior weeks.
Hayes's rapid reaccumulation despite taking a loss on his earlier exit raises questions about his medium-term conviction and the sustainability of current price momentum. The specific catalysts underpinning the $4,000 price target remain unexplained in available commentary.