Arthur Hayes, the influential co-founder of BitMEX, has made a striking reversal in his cryptocurrency investment strategy, swiftly repurchasing a substantial amount of Ether (ETH) just days after offloading a significant portion due to concerns over a potential market downturn. This unexpected move signals a renewed optimism from the prominent figure, contradicting his earlier bearish predictions for digital assets.
Last week, market observers noted Hayes divesting 2,373 ETH, a stake valued at approximately $8,32 million when the second-largest cryptocurrency was trading around $3,500, moving the funds into stablecoins. His decision was rooted in a cautious outlook, citing potential headwinds such as U.S. tariffs and weaker-than-expected jobs data. At the time, Hayes suggested that while Bitcoin could test $100.000, Ether might retrace to $3.000. He had also liquidated over $13 million in other crypto holdings, including Ethena and the meme token Pepe.
However, the landscape shifted rapidly. Data from blockchain analytics firm Arkham Intelligence, first highlighted by Lookonchain, reveals that an address linked to Hayes converted $10,5 million from USDC into Ether. This significant buyback occurred as ETH’s price surged, now hovering around $4.200. The speed of this re-entry into the market suggests a notable change of heart or a strategic pivot by Hayes.
Hayes himself seemingly confirmed the acquisition on social media platform X, simply stating he “had to buy it all back” alongside an Ether price chart. This quick and decisive action implies that despite his prior warnings, Hayes now perceives renewed upside potential for Ether, a sentiment likely to resonate across the crypto community.
This episode underscores the volatile yet dynamic nature of the cryptocurrency market, where even seasoned investors like Hayes are willing to swiftly adjust their positions based on evolving market conditions. His latest trade offers a compelling insight into the mind of a major player, suggesting a strong conviction in Ether’s current trajectory.
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