Hayes Bets Big on Ethereum as Price Targets Reach $4K
Arthur Hayes, co-founder of BitMEX, has increased his Ethereum holdings significantly in recent weeks. According to data from Lookonchain, he spent over $7.5 million since July 15 to purchase a total of 3,915 ETH at an average price of just over $1,900 per token.
Hayes' latest buy came hours ago, adding another 645 tokens to his stash for $1.2 million. This follows his previous purchases, which included disposing of his entire Ethereum stash worth over $10 million in late June before reaccumulating at lower prices.
Interestingly, Hayes' average accumulation price is still just above $1,900 per ETH, indicating he may be buying the dip. As reported earlier, this trend has sparked speculation about a potential $4,000 target for Ethereum, with Dr. Profit predicting that the largest altcoin can rally to this level.
Dr. Profit, a popular crypto analyst, recently stated that Ethereum now represents 60% of his portfolio, surpassing Bitcoin for the first time ever. He attributed this shift in sentiment to ETH's recent momentum and potential for further growth.