Arthur Hayes bought 1,293 ETH ($2.48 million) on Wednesday, July 15, shortly before receiving 646 ETH ($1.24 million) from Galaxy Digital, according to on-chain data.
This move marked a reversal several weeks after selling 6,000 ETH at a loss.
The reversal adds to a string of controversial trades this year. Hayes built a reputation for making bold predictions on tokens like SYN, HYPE, ZEC, NEAR, and WLD, but quickly exited some of them or reversed his positions, raising questions about his "buy loudly and sell quietly" approach.
Two ETH purchases in one day.
First, Hayes sent $1.25 million in USDC to prime broker FalconX. A few minutes later, Galaxy Digital transferred 646.33 ETH ($1.24 million) to his wallet—a transaction Onchain Lens flagged as a likely OTC trade. Shortly thereafter, Hayes bought 1,293 ETH ($2.48 million), bringing his daily volume to over 1,900 ETH.
At press time, Ether was trading around $1,887. Ethereum's market cap is approximately $231 billion, remaining the second-largest cryptocurrency.
Reversal
At the end of June, Hayes sold 6,000 ETH for a loss of approximately $606,000—just a few weeks after he acquired the position. Around the same time, he exited Worldcoin, Zcash, NEAR, and Hyperliquid, citing energy prices, AI IPOs, and political uncertainty as risks to the crypto market. At the end of June, Hayes also bought $2.2 million worth of the Synapse project's SYN token. Since then, SYN has fallen more than 55%, leaving Hayes roughly 28% down, with an unrealized loss of $610,000.
Bitcoin fared better. His June prediction of a $40,000 bottom resonated weeks later, when a major Chinese mining company cited it as a reference point for a similar low.
Whether this ETH purchase will be more successful than the SYN deal and whether it aligns with Ethereum's overall July performance will become clear in the coming weeks.