BitMEX Co-Founder Bails on Profit Hopes with $10.5 Million Ethereum Re-entry

Arthur Hayes, co-founder of BitMEX, has bought back Ethereum at a higher price just one week after selling his tokens. This move comes despite his earlier warning of potential crypto drops due to macroeconomic pressures.

Hayes purchased $10.5 million worth of Ethereum at prices above $4,150, significantly higher than the $3,507 he sold them for last week. He had previously sold 2,373 tokens and also exited other positions in ENA and PEPE amid tariff fears and weak jobs data.

Hayes' reversal comes as institutions accumulated over 1 million Ethereum worth $4.17 billion since July 10 through exchanges and trading platforms. The buying spree coincided with Ethereum's strong rally, which saw it climb 45% from $2,600 to $4,000 within the month.

Hayes' public admission highlights the difficulty of timing crypto markets even for experienced institutional players. He posted on X saying he'll 'never take profit again' after the costly trading mistake that saw him exit before Ethereum's latest rally.