BitMEX Co-Founder Arthur Hayes Flips Ethereum Stance in Volatile Market Move

BitMEX co-founder Arthur Hayes made a dramatic reversal in his ethereum strategy, repurchasing $10.5 million worth of ETH at higher prices shortly after selling $8.32 million worth. The crypto pioneer had initially sold 2,373 ETH around $3,500, pointing to macroeconomic challenges including weak U.S. jobs data and potential tariff effects.

Hayes openly admitted his trading misjudgment on social media, declaring he would never take profits again after having to buy back in above $4,150. His original sell-off included over $13 million across various digital assets, following his bearish forecast of Bitcoin dropping to $100,000 and Ethereum to $3,000 due to economic pressures.

Institutional investors continue to show confidence, accumulating more than $4.17 billion in ETH since mid-July despite short-term fluctuations. This contrast between professional traders' tactical shifts and institutional accumulation underscores the complex forces driving cryptocurrency markets.