Arthur Hayes, co-founder of crypto exchange BitMEX, seems to have changed his position on a notable ether (ETH) trade just days after cautioning about a market decline.
Last week, data revealed that Hayes sold 2,373 ETH valued at approximately $8.32 million when the second-largest cryptocurrency was around $3,500, shifting into stablecoins.
This weekend, he appears to have had a change of heart.
Recent data indicated that an address linked to Hayes transferred $10.5 million in USDC to repurchase ether, with the cryptocurrency’s price now hovering around $4,200.
This action followed Hayes liquidating over $13 million in crypto assets last week, including various tokens.
Previously, he cited U.S. tariffs and disappointing job data as challenges for crypto, suggesting that bitcoin could approach $100,000 and ether might revisit $3,000.
However, Hayes’ quick buyback indicates he may perceive renewed potential in ether. He seemingly confirmed the purchase of ETH in a post, stating he “had to buy it all back” while sharing a price chart.
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