Hayes' Ethereum Buying Spree Totals 7,213 ETH Amid Crypto Market Pullback
BitMEX co-founder Arthur Hayes has accumulated a significant position in Ethereum (ETH) through over-the-counter trades, totaling 7,213 ETH at a cost of $13.87 million. This buying streak began on July 15 and was completed with the largest single tranche purchase of 3,298 ETH worth $6.39 million on July 28.
The timing of this purchase coincided with Ethereum's spot price drop from $1,960 to $1,872, a roughly 4.5% intraday drawdown. However, on-chain data suggests that the correlation between Hayes' buy and the subsequent ETH price drop is coincidental timing, not causation.
The ETH price drop was part of a broader crypto market pullback as traders de-risked ahead of the Federal Reserve's two-day policy meeting. Rate decisions have been the dominant macro variable for risk assets in 2026, and positioning ahead of the announcement typically compresses speculative longs.