Hayes Continues ETH Accumulation Amid Price Drop
Arthur Hayes, co-founder of BitMEX, has continued to accumulate Ethereum (ETH) despite its recent price drop. According to on-chain tracking analysis, a wallet linked to Hayes purchased an additional 3,298 ETH for approximately $6.3 million to $6.39 million on July 28, 2026. This purchase brings his cumulative total since July 15 to roughly 7,213 ETH, worth between $13.82 million and $13.87 million at an average price in the $1,916 to $1,923 range.
The funds for this purchase reportedly came from institutional trading platforms, including Galaxy Digital, FalconX, and Cumberland. This development aligns with a broader institutional thesis for Ethereum, as pointed out by Fundstrat's Tom Lee, who argues that institutions are moving beyond simply trading Ethereum to building on it.