Hayes Rebuilds ETH Position After June Reversal BitMEX co-founder Arthur Hayes has added another 644.34 $ETH worth $1.25 million to his holdings, according to on-chain tracking firm Lookoncha
BitMEX co-founder Arthur Hayes has added another 644.34 $ETH worth $1.25 million to his holdings, according to on-chain tracking firm Lookonchain. The purchase brings his total accumulation over the past eight days to 3,270 ETH, continuing a buying streak that began earlier in July.
The latest buy follows a $2.53 million ETH purchase flagged just days prior. Hayes had already accumulated more than 1,900 ETH through two earlier July transactions before adding to that position again. His combined July purchases have exceeded $6 million in total value.
The renewed buying is a notable reversal. Hayes sold 6,000 ETH in June, locking in an estimated $606,000 loss before shifting back into accumulation mode as prices pulled back toward the $1,900 range.
Hayes is not the only large buyer active in the market. A separate, unidentified whale acquired 27,000 ETH worth approximately $52.03 million through Galaxy Digital's over-the-counter desk, according to Lookonchain. The buyer had been inactive for three months before executing the purchase, signalling a deliberate re-entry rather than routine portfolio activity.
Galaxy Digital's OTC desk has been a frequently used route for large-scale Ethereum acquisitions in 2026. On-chain data shows the desk facilitated a separate 20,500 ETH transfer in early July, linked by analysts to Ethereum treasury company Bitmine, although that transaction has not been officially confirmed by either party.
The broader backdrop adds further context to these moves. Ethereum's staking ratio has reached a record 33.9% of circulating supply, representing approximately 40.9 million ETH locked in validator nodes. A rising staking ratio reduces the volume of ETH available on spot markets, which can amplify the price impact of large purchases.
ETH has been trading near the $1,900 to $1,950 range, with market participants watching the $2,000 level as the next key resistance. Whether sustained whale demand is enough to push through that threshold remains to be seen.
SourcesThe Coin Republic: Arthur Hayes Adds $2.5M as ETH Staking Hits PeakBeInCrypto: Ethereum Could Lead the Next Bull MarketBlockonomi: Arthur Hayes Doubles Down on Ethereum With $6.2M Purchase
