Arthur Hayes buys 1.9M ETHFI for $1.17M as token rallies 25%

Arthur Hayes bought 1.9 million Ether.fi (ETHFI) tokens for $1.17 million at $0.62 each, re-entering a position he exited at a loss in April.

On-chain analytics firm Lookonchain flagged the purchase roughly four hours after it settled, noting Hayes sold 265,461 ETHFI at $0.44 in April, collecting about $118,000 and booking a loss. His new entry sits about 41 percent higher per token, a gap the analytics account described as another case of selling low and buying high.

ETHFI has climbed 25.3 percent over the past week as the broader crypto market rallied, outpacing Bitcoin's 21.4 percent gain though trailing Ethereum's 27.8 percent advance. The token trades at $0.631 at press time, up 11.1 percent over 24 hours, with a market cap of $649.7 million that ranks it 92nd, according to BeInCrypto data. It remains about 93 percent below its March 2024 record of $8.53.

The buyback extends a pattern that has cost Hayes money. BeInCrypto reviewed three wallets attributed to the BitMEX co-founder that lost $2.47 million across 124 recorded trades between December 2023 and August 2026. ETHFI accounted for $474,000 of those losses, while Ethena (ENA) was the only profitable position, up $3.23 million.

Ether.fi is a liquid staking protocol on Ethereum that lets users stake ETH while retaining liquidity, with ETHFI serving as its governance token. The protocol has gained traction as a liquid staking solution, with a growing total value locked and an active community voting on proposals. Hayes's re-entry adds a high-profile endorsement to a token that has drawn renewed interest as DeFi governance tokens recover alongside the broader market.

Whether the position breaks his losing pattern depends less on the $0.62 entry than on whether Hayes holds through the next drawdown. His trading activity is closely watched across the crypto community, and follow-on buying from retail investors could add upside pressure, though the token's volatility since launch remains a risk. The next test comes if ETHFI retests recent lows, where a repeat of the April exit would confirm the pattern rather than break it.

This article is for informational purposes only and does not constitute investment advice.