Arthur Hayes Buys $13.87M ETH Amid Crypto Market Pullback
Arthur Hayes, co-founder of BitMEX, has acquired 7,213 ETH at a total cost of $13.87 million since July 15, with his largest single purchase happening on July 28 for $6.39 million. This accumulation reverses a June exit that cost him approximately $606,000 in realized losses.
Hayes re-entered the market as Ethereum's price recovered above $1,750, which aligns with his documented trading style of rebuilding conviction positions at dislocated prices rather than protecting short-term profit and loss.
The timing of Hayes' purchase coincides with a broader crypto market pullback ahead of the Federal Reserve's two-day policy meeting. Ethereum's price drop on July 28 was part of this larger trend, representing a roughly 4.5% intraday drawdown that hit simultaneously with pullbacks in Bitcoin and major altcoins.
On-chain data confirms that Hayes' purchase did not trigger the ETH price drop, as the trades were executed over-the-counter through various desks without touching the open order book. This means the correlation between Hayes' buy and the subsequent ETH price drop is coincidental timing, not causation.